J.P. Morgan is celebrating its 100th anniversary in China – the same age as the nation’s Communist Party – and chief executive Jamie Dimon is betting that the former lasts longer than the latter.
J.P. Morgan’s Jamie Dimon jokingly made comments about China’s ruling party while speaking in Boston yesterday as part of a series of CEO interviews.
«I made a joke the other day that the Communist Party is celebrating its 100th year – so is J.P. Morgan. I'd make a bet that we last longer,» Dimon said. «I can't say that in China. They are probably listening anyway.»
Inflation, Crypto
Dimon spoke about a range of topics in addition to China, including U.S. inflation and cryptocurrencies.
On U.S. inflation, Dimon expects supply chain issues to moderate but for oil prices to stay high. He added that there was a one-third chance that inflation would be high enough to lead to rate hikes that do not cause a recession and an equal chance that the same occurs except with a mild recession at the end.
And on crypto, he maintained his opposing stance and said they are «not really a currency» and that they were driven by «hysteria».
100 Years in China
J.P. Morgan first began operating in China in 1921 in the same year the Chinese Communist Party was founded. Earlier this year, it obtained regulatory approval to become the first foreign bank to take full ownership of its securities unit in mainland China.
Established 222 years ago in 1799, The Manhattan Company was J.P. Morgan’s earliest predecessor institution and its founding members include major U.S. historical figures like Alexander Hamilton and Aaron Burr.
