Jamie Dimon apologizes to the Communist Party of China

JP Morgan Chief Executive Jamie Dimon said on Wednesday that he regretted his comments that the Wall Street bank would last longer than China’s Communist Party (CPC) and that the company was moving quickly to avoid any longer-term consequences.

In a speech in Boston on Tuesday, Dimon referred to the party’s 100th anniversary, saying that he was the same age as JPMorgan and that he would bet that they would last longer.

He went on to say that he couldn’t say that in China. They’re probably paying attention anyway.

People in China were enraged by the remark, and Hu Xijin, an editor of the state-owned Global Times newspaper, advised on Twitter to “Think long-term!” He also believes the CPC will sustain the United States.

Through a discussion with Bloomberg, Foreign Ministry spokesman Zhao Lijian asked, “Why the publicity stunt with some grandstanding remarks?”

After receiving regulatory authorization of becoming the first full foreign owner of a securities brokerage in China this year, the bank may suffer from a weakening of its roots in China.

Dimon later apologized for his remark, explaining that he was attempting to emphasize the bank’s strength.

Then he went on to say that making fun of or disparaging any group of people, whether it’s a country, its leadership, or any aspect of society and culture, was never appropriate. Speaking in this manner can detract from society’s need for constructive and thoughtful dialogue, which is now more than ever.