JPMorgan Chase Is Ready to Leave China if Ordered by US Government, Bank CEO Jamie Dimon Says

By Jace Dela Cruz

Nov 30, 2023 02:20 AM EST

JPMorgan Chase CEO Jamie Dimon has said that the bank would leave China if directed by the US government. Speaking at the DealBook Summit in Manhattan on Wednesday, Dimon addressed potential future conflicts, specifically on concerns that China could move to Taiwan, according to CNBC.

He emphasized the gravity of geopolitical tensions, particularly considering the global implications of a conflict involving Taiwan. 

Bank CEOs Testify Before Senate Banking, Housing, and Urban Affairs Committee
(Photo : Drew Angerer/Getty Images)
WASHINGTON, DC - SEPTEMBER 22: JPMorgan Chase & Co CEO Jamie Dimon testifies during a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC.

JPMorgan Chase CEO Jamie Dimon on US-China Relationship

Jamie Dimon highlighted the complexity of the relationship between the governments of the US and China and stressed the importance of engagement between the two countries. 

JPMorgan has been active in China for years, providing investment and corporate banking, payments, and asset management services. Acknowledging the unlikely but conceivable prospect of war over Taiwan, Dimon noted that it would be detrimental to the world, particularly to China.

"No one thinks it's going to happen; it may happen... That would be really bad for the world and really bad for China," Dimon said.

Despite the potential risks, he believed it is advantageous for an American bank to assist multinationals worldwide and contribute to China's development, as long as it aligns with US government policies.

"If for some reason the American government says 'Nope, can't do that anymore,' then so be it," he noted.

Dimon contrasted China's relations with the US to those of Mexico and Canada, asserting that China has managed to irk its neighboring nations. He also cited China's demographics, saying it was "terrible."

READ ALSO: China's Chipmaker SMIC Raises 2023 Annual Budget to $7.5 Billion as It Rushes to Buy Semiconductor Tools Amid US Sanctions  

JPMorgan's Clientele Include Companies From China

JPMorgan's clientele includes prominent Chinese companies like fast-fashion retailer Shein and TikTok's parent company, ByteDance. Jamie Dimon warned that JPMorgan would cease its banking services to clients who engage in harmful activities.

The recent meeting between US President Joe Biden and Chinese President Xi Jinping in San Francisco has been viewed by analysts as establishing a baseline in the US-China relationship, offering potential benefits for businesses by reducing uncertainties.

This encounter between Biden and Xi on the sidelines of the Asia-Pacific Economic Cooperation conference marked their first meeting in nearly a year.

Meanwhile, in the same event, Dimon also expressed his sentiment about the term "ultra-MAGA" to describe pro-Trump conservatives, saying it is insulting to a large group of people. He also told the attendees to listen more to other people's political differences.

READ MORE: Moody's Downgrades US Credit Rating Outlook to 'Negative,' Biden Officials Put the Blame on GOP

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