JPMorgan Chase Chief Executive Officer Jamie Dimon said in jest during a Boston event that his company would outlast the Communist Party of China.
Dimon stated, while reiterating his bank's commitment to conducting business in China: "I joked the other day that the Communist Party and JPMorgan are both commemorating their centennial years. I'd wager that we will survive longer."
He acknowledged the astonishment elicited by his remarks. "I am not permitted to say that in China," Dimon stated. "They are almost certainly listening in any case."
Prior to its merger with Chase Bank, J.P. Morgan & Co. entered the Chinese market in 1921 as a stand-alone bank. The company was formed approximately 150 years ago in 1871. The Chinese Communist Party was created in 1921 and recently celebrated its centennial year.
Dimon reaffirmed his company's commitment to China during his remarks, the New York Post said. According to the site, he said his organization cannot terminate connections with China just because of policy concerns.
Numerous firms in the United States have come under fire for sponsoring domestic social justice campaigns while keeping silent on alleged human rights violations in China.
JPMorgan this week reversed a decision by one of its payment processors, WePay, to refuse to do business with a conservative nonprofit.
Dimon has been outspoken on a number of policy issues. He has also stated that he believes corporations should be involved in talks about public policy. He has been a vocal proponent of cooperation and a "development agenda."
Dimon discussed a variety of issues at an interview with Boston College as part of a series of CEO interviews.
Dimon anticipates that inflation caused by supply chain concerns would be temporary, but that higher oil prices and salaries will persist, he said.
In August, the Chinese government granted JPMorgan permission to acquire full and independent control of its securities company.
JPMorgan Chase was the first international bank to receive this authorization. "China represents one of the largest opportunities in the world for many of our clients and for JPMorgan Chase," Dimon stated at the time.
Meanwhile, according to the latest annual ranking of top lenders by global authorities, JPMorgan Chase has been named the world's most important bank to the health of the broader financial system.
The Financial Stability Board (FSB), which is comprised of regulators from the Group of 20 (G20) countries, announced its most recent list of the world's 30 most systemic banks on Tuesday.
