Jamie Dimon is a wise cracker on the famous Wall Street, but joking China Dangerous even for the world’s top banking executives.
In a panel discussion at Boston College’s Chief Executive Club, Dimon said: Hong Kong And I joked that the Communist Party was celebrating its 100th anniversary. So is JP Morgan. We bet on longevity. “
He didn’t stop there. “I can’t say that in China. They’re probably listening anyway,” added the 65-year-old banker.
Founded in 1895, JP Morgan has been active in China since 1921, and the Chinese Communist Party was officially formed in the same year.
The comments were clearly filled with laughter, and those who knew Dimon were aware of his cheeky sense of humor.
But he has apologized twice since then, with signs that even the King of Wall Street is wary of Beijing.
Speech: JP Morgan boss Jamie Dimon (taken in Paris in June) apologized twice for talking about China at Boston University’s CEO club.
Dimon’s comments risk jeopardizing JP Morgan’s growth ambitions in China and, with regulatory approval in August, became the first fully foreign securities company owner in the country. rice field. A Chinese expert in the United States said his swift apology should ensure that no serious damage had occurred. (Photo: Chinese President Xi Jinping of Beijing)
First he said:’I regret it, so I shouldn’t have made that comment. I was trying to emphasize the strength and longevity of the company. “
A few hours later, he added:
“Speaking that way can move us away from the more constructive and thoughtful dialogue in society that is needed more than ever.”
Dimon has been considered barely touchable, at least until now.
He has been the CEO of the bank for 16 years, overcoming the financial crisis and making JP Morgan the most consistent performer on Wall Street.
His pop in China betrays self-confidence, or arrogance, in stark contrast to British rival HSBC, which has been accused of “kowtowing” to Beijing.
And there are few signs that he is ready to face. Despite being 65, he wants to stay for another five years and tells Fox Business during the summer: “I’m not going to play golf or smell the flowers.”
He survived cancer of the throat and underwent emergency heart surgery at the beginning of the pandemic.
And he lasted longer than the other giants who led the bank to the financial crisis, including Goldman Sachs’ masterpiece Lloyd Blankfein.
Dimon’s success is entrusted to his enormous energy, and he has a good sense of humor, which can quickly turn into a fierce temper.
He woke up at 5am, was fully informed, and was in the office by 7:30 am, but seems to have reduced his running and tennis.
He appeared at the event with his wife, Judy, who begged at Harvard University, and was “by far the most beautiful, sexiest, and smartest girl in class” by classmate Jeff Immelt (later appointed chairman of GE). Was described as.
He is said to remember the names of all the juniors he met, but there is also a list of people in his favor. And he wasn’t afraid to speak, even going into public clashes with the head of state.
Power Couple: Dimon with his wife Judy, described by his classmate Jeff Immelt (later appointed chairman of GE) as “the most beautiful, sexiest and smartest girl in his class.”
In 2011, he asked French President Nicolas Sarkozy to acquire the G20 to avoid “over-regulation” of banks.
However, Sarkozy launched an attack on bankers after seeing a deficit, saying they made “unconventional” moves and hurt millions of people during the financial crisis.
Not surprisingly, Dimon’s time at JP Morgan made him very rich. Last year he brought home £ 24m, comparable to his 2019 salary.
But a serious stain on his copybook was the 2012 London Whale Scandal. As a result, one of JP Morgan’s Canary Wharf bankers lost a whopping £ 4.2 billion.
Dimon initially dismissed the story as a “teapot tempest,” but soon regretted it.
Later, he was more despised and called the transaction “defective, complex, poorly reviewed, poorly executed, and poorly monitored.” The bank eventually paid a fine of over £ 1 billion to resolve the US and UK regulatory investigations into the problem.
Dimon’s rock star status is threatened as regulators question for some time whether banks couldn’t manage their employees after the financial crisis and whether bankers were still obsessed with risk. It was done.
But if rivals thought it was the end of Dimon, they were wrong.
He knew how to stay in power and kicked out or set aside potential successors such as Bill Winters, who continued to run Standard Chartered Bank, and Jes Staley, who went to Barclays. ..
Nonetheless, there are increasing question marks as to whether Dimon can really last for another five years.
There are rumors that three single mothers, British banker Marianne Lake, who have graduated from Reading University, are approaching the title.
Lake is responsible for running JP Morgan’s consumer finance division.
If Lake stops it, she will be Wall Street’s second-largest UK CEO, and Scottish-born Jane Fraser will lead Citigroup. But for now, like the Chinese Communist Party, Dimon seems immovable.
JP Morgan CEO Jamie Dimon jokes about China’s community party and announces two moans apologies
Source link JP Morgan CEO Jamie Dimon jokes about China’s community party and announces two moans apologies