JPMorgan's chief Jamie Dimon is now regretting and retreating his 'joke' about the brokerage firm outlasting China's ruling party as the financial giant issues an apology and retraction of his comments.
It all started when Dimon told an audience in Boston, “I was just in Hong Kong, I made a joke that the Communist Party is celebrating its 100th year. So is JPMorgan. And I’ll make you a bet we last longer,” he said on Tuesday at a Boston event. Dimon added with a chuckle: “I can’t say that in China. They probably are listening anyway.”
These comments saw a quick retort by Hu Xijin, editor-in-chief of the Communist Party’s Global Times newspaper, who responded in a blog: “I bet the Chinese Communist Party will outlast the United States of America.”
Dimon on Wednesday then walked back the jibe as he issued a release saying "I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,"
The Wall Street banker may have felt an apology was necessary, given that JPM has a $20 billion exposure to China.