Swiss bank UBS (UBSG.S) ran into trouble in 2019, after a remark by one of its senior economists about food inflation and swine fever was interpreted as a racist slur. Global executives typically choose their words carefully when discussing China, where foreign companies have occasionally been subject to backlash for perceived offenses. "I don't think this will have any longer term consequences," said Leland Miller, chief executive at data firm China Beige Book and an expert on China's financial system.Īsked by Bloomberg about Dimon's comments at a news conference on Wednesday, Chinese foreign ministry spokesman Zhao Lijian replied: "Why the publicity stunt with some grandstanding remarks?," according to an English language transcript of the remarks. "Dimon's apology shows the degree of deference foreign businesses have to show to the Chinese government in order to remain in its good graces and maintain access to the country’s markets," said Eswar Prasad, a professor at Cornell University.
However, they add, Western companies doing business in China still need to tread carefully.
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They are probably listening anyway," he added.īeijing's approval for JPMorgan to take full ownership of its securities business was a milestone in the opening of China's capital markets after years of gradual moves and pressure from Washington.īeijing sees the involvement of foreign banks as important for China's domestic financial development, academics say.
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Speaking at a Boston College series of CEO interviews on Tuesday, Dimon said: "I made a joke the other day that the Communist Party is celebrating its 100th year - so is JPMorgan. As a member of the CPC, I don't mind your company riding the wave of CPC's popularity."Ī day earlier, Hu said: "Think long-term! And I bet the CPC will outlast the USA." "The CPC has succeeded in its sphere far more than JP Morgan's. Referring to the matter in a comment posted on Twitter on Thursday, the outspoken editor of nationalistic tabloid Global Times, Hu Xijin, said: "You don't have to regret actually. Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever." In a later statement, Dimon said: "It's never right to joke about or denigrate any group of people, whether it's a country, its leadership, or any part of a society and culture.
After seeing the reaction, he decided to express regret, the source said. I was trying to emphasize the strength and longevity of our company," Dimon said in a statement issued by the bank.ĭimon realized immediately after he made the comment that it was a mistake, according to a source familiar with his thinking. "I regret and should not have made that comment.