JPMorgan Chase CEO Jamie Dimon said in a statement on Wednesday that his bank would exit China if the US government instructed him to do so.
Speaking at a summit, Dimon addressed a potential future conflict over Taiwan, stating, "If the American government forces me to leave China, I will leave China."
JPMorgan, which has been operating in China for a long time, conducts investment and corporate banking, payments, and asset management there. Increasing geopolitical tensions fueled by wars in Ukraine and Israel have also heightened other concerns.
Regarding a potential war over Taiwan, Dimon said, "Nobody thinks it's going to happen; it could happen," adding, "That would be really bad for the world and really bad for China."
Dimon described relations with China, the world's second-largest economy, as a "very complicated issue" and said that engagement with both the Chinese and US governments is necessary. Dimon stated, "If it makes sense, I think it's a good thing for an American bank to be there to help multinational companies around the world and to help China in its own development. If the American government for any reason says, 'No, you can't do that anymore,' so be it."
The bank provides advisory services to Chinese clients, including fast-fashion retailer Shein and TikTok's parent company, ByteDance.
News Source: 12punto
