JPMorgan Chase CEO Jamie Dimon said on Wednesday that his bank would leave China if the US government ordered him to do so.
“If the US government forces me to leave China, I will leave China,” Dimon said at the DealBook Summit during a discussion about a possible future conflict over Taiwan. “If war breaks out in Taiwan, you would be off all bets.”
JPMorgan, which says on its website that it has been active in China for a century, does investment and corporate banking, payments and asset management there. Rising geopolitical tensions, fueled by wars in Ukraine and Israel, have raised concerns that China could annex Taiwan.
“Nobody thinks it's going to happen; it could happen,” Dimon said of the war over Taiwan. “That would be very bad for the world and very bad for China.”
Jamie Dimon, chairman and CEO of JPMorgan Chase, speaks at the New York Times annual DealBook Summit in New York City on November 29, 2023.
Michael M Santiago | Getty Images
Dimon called relations with China, the world's second-largest economy, “a very complicated issue” and said engagement with both China and the U.S. government was necessary.
“I think it's good that an American bank is there to help multinationals around the world and China with their own development, if that makes sense,” Dimon said. “If for some reason the US government says, 'No, we can't do that anymore,' then so be it.”
Dimon also pointed out that while the US has good relations with Mexico and Canada, China has “done a pretty good job of pissing off all the people around them,” and that the country has “terrible demographics.”
The bank advises Chinese clients including fast-fashion retailer Shein and Tiktok parent company ByteDance.
Dimon addressed the security concerns regarding TikTok, saying, “You can imagine the due diligence and work that we do to get to the truth about those things.”
“If some of those people are doing things that we think are really bad, we wouldn't bank them,” he said.
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