**JPMorgan CEO Says Bank Would Exit China if U.S. Government Ordered**
*Growing geopolitical tensions*
Jamie Dimon, chair and CEO of JPMorgan Chase, spoke at the DealBook Summit and made a bold statement about the bank’s future in China.
**Potential Exit from China**
During the discussion about a potential future conflict over Taiwan, Dimon stated, “If the American government makes me leave China, I’m leaving China.” He emphasized that if there were a war in Taiwan, the bank would be taking all bets off.
**Decades-Long Presence in China**
JPMorgan has been active in China for a century, according to the bank’s website. The bank engages in investment and corporate banking, payments, and asset management in the country. Dimon acknowledged the complexity of the situation and the importance of engagement with both China and the U.S. government.
**Repercussions of a War in Taiwan**
Growing tensions, exacerbated by conflicts in Ukraine and Israel, have raised concerns about China potentially annexing Taiwan. Dimon expressed that while no one expects it to happen, it remains a possibility. He stressed that a war over Taiwan would be detrimental to the world and to China.
**Engagement with China**
Dimon views engagement with both China and the U.S. government as necessary. He believes it is in the best interest of an American bank to be in China to aid multinationals and the country’s development. However, he also acknowledged that if the American government were to prohibit this engagement, the bank would comply.
**Chinese Clientele**
JPMorgan advises Chinese clients, including popular brands like Shein and the parent company of TikTok, ByteDance. Dimon highlighted the thorough due diligence and scrutiny involved in working with these clients. He made it clear that if the bank discovered any unethical practices, it would not continue to support them.
**Security Concerns**
Speaking specifically about TikTok, Dimon addressed security concerns and emphasized the extensive due diligence carried out by JPMorgan. He stated that if any of these clients were found to be engaged in unethical behavior, the bank would terminate its relationship with them.
In conclusion, Dimon’s comments shed light on the complex and delicate nature of JPMorgan’s presence in China. The bank, which has been operating in the country for a century, finds itself at the intersection of global geopolitics and economic interests. The prospect of a potential war over Taiwan and its implications on the bank’s operations in China has become an important topic of discussion.
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