Jamie Dimon apologizes for China comments

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Jamie Dimon apologizes for China comments

Jamie Dimon, chairman-employee of JP Morgan Chase Co., testifies on April 10, 2019 at Capitol Hill in Washington, U.S. REUTERS Aaron P. Bernstein File Photo

On Wednesday, Reuters -- JPMorgan Chase JPM.N Chief Executive Jamie Dimon said he regretted his remarks that the Wall Street bank would last longer than China's Communist Party.

I regret and should not have made that comment. Dimon said in a statement issued by the bank that they were trying to emphasize the strength and longevity of our company.

Dimon said on Tuesday at a Boston College series of CEO interviews that the Communist Party is celebrating its 100th year, so is JPMorgan. I'm going to make a bet that we'll last longer. He said that they are probably listening anyway.

A JPMorgan spokeswoman said that Dimon had acknowledged that he should never speak lightly or disrespectfully about another country or its leadership. Jamie made clear that China and its people are very thoughtful and smart during the discussion. He regretted the comments a week after Dimon was granted an exemption by the Hong Kong government to visit the Chinese-controlled financial hub without needing to be quarantined.

Visitors to the city from most countries must stay in hotel quarantine for two to three weeks at their own cost.

After arriving in Hong Kong by private jet, Dimon was in Hong Kong for 32 hours.

JPMorgan has major ambitions in China and received regulatory approval from Beijing in August to become the first full foreign owner of a securities brokerage in the country.

Its other business interests include asset management and futures business in mainland China.

Global executives often choose their words carefully when talking about China, where foreign companies have been subject to backlash for perceived offenses.

Dimon had to backtrack before from public statements critical of others.

In September 2018, Dimon was speaking at a conference and said he could beat President Donald Trump in a campaign because he was smarter than Trump.

He had earned his wealth, but didn't get it from his father, he said.