JPMorgan Chase CEO Jamie Dimon stated at the New York Times annual DealBook summit on November 29, 2023, that his bank would exit China if the U.S. government ordered him to do so. Dimon expressed this during a discussion about a potential future conflict over Taiwan, emphasizing that “If there’s a war in Taiwan, you would take all bets off.”
The bank, which claims to have been active in China for a century, is involved in investment and corporate banking, payments, and asset management. Dimon highlighted growing geopolitical tensions and concerns that China could move to annex Taiwan, indicating that “No one thinks it’s going to happen; it may happen.” Despite calling relations with China a “very complicated subject,” Dimon expressed the necessity of engaging with both China and the U.S. government.
Dimon also acknowledged China’s controversial relations with its neighboring countries, stating that China has “done a pretty good job angering all the people around them” and has “terrible demographics.” Furthermore, he addressed the bank’s work with Chinese clients such as Shein and ByteDance, the parent company of Tiktok, emphasizing the importance of due diligence in these partnerships.
Overall, Dimon’s comments shed light on the complex and potentially shifting relationship between JPMorgan Chase and the Chinese market, reflecting the broader challenges and concerns facing multinational companies operating within the geopolitical landscape.
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