Jamie Dimon Says He Regrets His Remarks About China

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JPMorgan Chase’s chief executive, Jamie Dimon, expressed remorse on Wednesday for saying the bank would outlast China’s Communist Party. “I regret and should not have made that comment,” Mr. Dimon said in a statement. “I was trying to emphasize the strength and longevity of our company.” At a Boston College event on Tuesday, Mr. Dimon relayed a recent joke he had made comparing the longevity of the multibillion-dollar bank and China’s ruling party. “I made a joke the other day that the Communist Party is celebrating its 100th year,” he…

Wall Street Is Finally Getting Access to China. But for How Long?

wall street is finally getting access to china but for how long scaled

For decades, American banks have been eager to expand their business in China, the world’s second-largest economy. They’re finally getting their way — just as a spiraling corporate debt crisis threatens to rock the country’s financial system and China’s central government takes a stronger hand with big businesses. In July, Citigroup became the first foreign bank to win approval to open a custody business in China, essentially acting as a bank for Chinese investment funds. In August, JPMorgan Chase got permission from the Chinese authorities to take full ownership of…

Why Wall Street Backs China Despite Beijing’s Tighter Grip

why wall street backs china despite beijings tighter grip

This year has been unsettling for Chinese business. The ruling Communist Party has gone after the private sector industry by industry. The stock markets have taken a huge hit. The country’s biggest property developer is on the verge of collapse. But for some of the biggest names on Wall Street, China’s economic prospects look rosier than ever. BlackRock, the world’s biggest asset manager, urged investors to increase their exposure to China by as much as three times. “Is China investable?” asked J.P. Morgan, before answering, “We think so.” Goldman Sachs…