Jamie Dimon says JPMorgan Chase would exit China if ordered to

JPMorgan Chase CEO Jamie Dimon stated Wednesday that his financial institution would exit China if the U.S. authorities ordered him to.

“If the American government makes me leave China, I’m leaving China,” Dimon stated on the DealBook Summit throughout a dialogue a few potential future battle over Taiwan. “If there’s a war in Taiwan, you would take all bets off.”

JPMorgan, which says on its website that it has been lively in China for a century, does funding and company banking, funds and asset administration there. Rising geopolitical tensions — fueled by wars in Ukraine and Israel — have raised issues that China may transfer to annex Taiwan.

“No one thinks it’s going to happen; it may happen,” Dimon stated about warfare over Taiwan. “That would be really bad for the world and really bad for China.”

Dimon referred to as relations with China, the world’s second largest financial system, “a very complicated subject” and stated that engagement with each China and the U.S. authorities was vital.

“I think it’s good for an American bank to be there to help multinationals around the world and China with their own development if it makes sense,” Dimon stated. “If for some reason the American government says ‘Nope, can’t do that anymore,’ then so be it.”

Dimon additionally identified that whereas the U.S. maintains good relations with Mexico and Canada, China has “done a pretty good job angering all the people around them,” and the nation has “terrible demographics.”

The financial institution advises Chinese language purchasers together with fast-fashion retailer Shein and Tiktok-parent firm ByteDance.

Dimon addressed safety issues associated to TikTok, saying, “You can imagine the due diligence and work we do to figure out the truth about those things.”

“If some of those people are doing things that we think are truly bad, we would not bank them,” he stated.