Sunday, 05 December 2021 07:18 GMT

JP Morgan addresses Chinese Communist Party in apology


(MENAFN) Jamie Dimon, the CEO of JP Morgan, has apologized for claiming that his Wall Street financial institution could encounter hardships better than China's Communist Party. The remarks, which were said in a US meeting, infuriated Chinese officials, who warned that they might endanger the institution's goals in China.


On Wednesday, Nov. 24 Mr. Dimon made his apology saying: "I regret and should not have made that comment." He continued by stating that he was attempting to "emphasize the bank's strength."


The instant regret, according to scholars, was made to hold the blowback. JP Morgan received permission 3 months ago to be China's first fully-abroad founder of a securities stockbroker.


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