Jamie Dimon, a Wall Street wisdomcracker and a well-known jokester, is not afraid to make fun of China even though he is the top bank executive in the world.
Dimon made the following joke during a Boston College Chief Executives Club panel discussion: “I was just visiting Hong Kong, and I made the joke that the Communist Party celebrates its 100th anniversary. JP Morgan, too. We’ll last longer, I would wager.
He did not stop there. “I cannot say that in China,” he continued. “They probably aren’t listening anyway,” the 65-yearold banker stated.
JP Morgan, which was founded in 1895, has operated in China since 1921 – the same year the Chinese Communist Party was officially formed.
These comments apparently were met with laughter and howls from Dimon’s friends, who are well-acquainted with his outrageous sense of humor.
But in a sign that even the King of Wall Street is wary of Beijing, he has since apologised – twice.
Speech: Jamie Dimon, JP Morgan’s chief executive officer (pictured), has apologized twice for remarks made at the Boston College Chief Executives Club about China
Dimon’s comments could have endangered JPMorgan’s growth plans in China. JPMorgan was approved by regulators to become the first foreign full owner of a brokerage that offers securities in China in August. Experts from China said that the quick apology by Dimon should not cause any serious harm. (pictured: Chinese President Xi Jinping in Beijing)
First, he stated: “I regret that I made this comment. “I was trying emphasize strength and endurance of our company.
He said that he regretted his comment hours later.
“Speaking this way could hinder constructive and thought-provoking dialogue, which society needs more than ever.”
Dimon has been – until now at least – seen as almost untouchable.
As chief executive, Morgan has served as the bank’s leader for 16 years. He survived the financial crisis but was able to keep JP Morgan on Wall Street.
His pop at China betrays a self-confidence – indeed arrogance – that is in stark contrast to British rival HSBC which has been accused of ‘kowtowing’ to Beijing.
There is no sign that he will be leaving. He is 65 years old, but it seems he would like to remain for five more years. Fox Business reported that he said this summer to Fox Business: “I don’t want to play golf or smell flowers.
He survived throat cancer.
And he outlasted the other titans that led their banks into financial crises like Lloyd Blankfein, Goldman Sachs’ supremo.
Dimon’s great success can be attributed to his enormous energy. While he is a funny person, it quickly turns into an angry temper.
Although he claims to have cut down on tennis and running, he wakes up at 5.
He appears at events alongside his wife Judy, who we wooed at Harvard and was described by classmate Jeffrey Immelt – who later became the chairman of GE – as ‘by far the best-looking, sexiest and smartest girl in the class’.
According to some, he not only knows the names and addresses of each junior that he meets but also keeps a track of his debtors. He has been open about his opinions and even fought with the heads of state.
Power couple: Dimon with wife Judy, who was described by classmate Jeffrey Immelt – later became the chairman of GE – as ‘by far the best-looking, sexiest and smartest girl in the class’
Nicolas Sarkozy asked the French president for permission to establish the G20 in order to prevent banks from being ‘overregulated’.
Sarkozy was furious and attacked the bankers.
Unsurprisingly Dimon’s years at JP Morgan have made him very rich. Last year he took home £24million, matching his pay in 2019.
But a significant blot on his copybook was the London Whale scandal of 2012, which resulted in one of JP Morgan’s Canary Wharf bankers losing a whopping £4.2billion.
Dimon dismissed the tale at first as “tempest in teapot”, which he soon regretted.
Later, he became even more bitter and called the trades flawed’, describing them as ‘flawed’, ‘complex’, poorly reviewed, poorly executed and monitored. The bank ultimately paid more than £1bn in fines to settle US and UK regulatory probes into the matter.
Dimon’s star status as rock star was at risk for some time. Regulators questioned whether banks had failed to manage their employees following the financial crisis or if they still had a problem with risk.
However, rivals believed it to be the end for Dimon.
He has shown that he knows how to keep power.
But, questions have risen about whether Dimon will be able to survive another five-years.
Marianne Lake is close to the title of British banker, according to reports.
Lake manages JP Morgan’s consumer lending division.
If Lake succeeds, she will be the second chief executive of Britain on Wall Street. Jane Fraser (southwesterly) would head Citigroup. Dimon is, for the time being, immovable, as does the Chinese Communist Party.