The Bank outstrips the Communist Party of China


JPMorgan CEO Jamie Dimon threw out the gauntlet in a speech Tuesday – at least jokingly: he said his bank outperformed the Chinese Communist Party.

“I joked the other day that the Communist Party was celebrating its 100th year – as well as JPMorgan,” Dimon said. “I bet we’ll stay longer.”

He acknowledged the eyebrow-raising nature of his comments. “I can’t say that in China,” Dimon said. “They’re probably asking anyway.”

The Bank first entered China in 1921, the same year the Communist Party of the country was founded.

He reiterated JPMorgan’s commitment to operate in the country, despite agreeing to longstanding tensions with the US. He said issues such as unfair trade practices should be addressed early – but added that JPMorgan could not cut trade ties with the country because it did not agree with a policy.

In August, JPMorgan was granted permission by the Chinese government to take full and independent ownership of its securities business. This is the first foreign bank to win this approval. At the time, Dimon said, “China represents one of the world’s largest opportunities for many of our customers and for JPMorgan Chase.”

JPMorgan is a wholly independent owner of China’s security business.
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Dimon addressed a wide range of issues on Tuesday, including the US economy and cryptocurrencies.

The hard-charging CEO said he believes the US economy is “booming” and expects greater monetary and financial stimulus. He said the worries of inflation would soon pass as supply chain worries were ironic.

He was less optimistic about oil. “There are other things that are probably unstable … I don’t think oil prices are going down,” Dimon said.

And Dimon was, once again, highly skeptical of cryptocurrency.

“It’s not really currency … it’s hysteria,” he said. Daimon has made countless headlines for slamming cryptocurrencies as “worthless”.

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