FirstFT: JPMorgan’s Jamie Dimon has some regrets
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Jamie Dimon issued two separate apologies to China after telling a group of US business leaders that JPMorgan Chase would outlive the Chinese Communist Party.
In a speech in Boston on Tuesday, the bank’s chief executive referred to the party’s 100th anniversary, noting that JPMorgan was the same age. “I will bet that we will last longer,” he said, adding, “I can’t say that in China. They’re probably listening anyway.
The bank was quick to ease any damage to relations with China on Wednesday, where JPMorgan has spent decades laying the groundwork to take advantage of the country’s growing prosperity. First, Dimon released a statement, “I’m sorry and shouldn’t have made that comment. I was trying to highlight the strength and longevity of our business. A few hours later, he apologized again.
“I regret my recent comment because it is never fair to joke or denigrate a group of people, whether it is a country, its leaders or any part of a society and culture. . Talking in this way can interfere with a constructive and thoughtful dialogue in society, which is more necessary than ever. “
Thanks for reading FirstFT Asia. Here is the rest of today’s news. – Emilie
Five other articles in the news
1. Dozens of migrants fear drowning off the French coast More than 30 people have drowned during an attempt to cross the Channel from France in the worst accident of a wave of clandestine crossings of small boats that have frayed relations between the French and British authorities.
2. Three men convicted of murder in the Arbery shooting A U.S. jury has found three white men guilty of murdering Ahmaud Arbery, a 25-year-old black man who was shot while jogging in Georgia last year in an incident that fueled protests in racial justice across the United States.
3. US blacklists Chinese quantum computing companies The move, which makes it nearly impossible for US companies to sell technology to listed companies, targeted a total of 27 entities, including 12 in China and two affiliates in Japan and Singapore. In addition to quantum computing, the list included companies in the semiconductor and aerospace industries.
4. Chinese regulators demand approval of new Tencent apps China’s Ministry of Industry and Information Technology (MIIT) will temporarily conduct “technology tests” to ensure Tencent’s applications meet its standards before the company can offer them to users, they said. state media reported.
5. Samsung to build $ 17 billion chip factory in Texas Samsung Electronics has chosen the Texas town of Taylor for its US $ 17 billion chip factory as the South Korean tech group responds to pressure from the Biden administration to expand semiconductor production in the United States.
The day to come
Bank of Korea Monetary Policy Committee Meeting The Bank of Korea is expected to raise interest rates as policymakers scramble to control inflation, which in October hit its highest level in about a decade. (Reuters)
European Central Bank meeting report How long do the ECB’s rate regulators plan to keep buying bonds and when could they raise interest rates from their ultra-low levels? More light should be shed on these crucial issues when the minutes of last month’s political meeting are released today.
Thanksgiving Day in the United States Fears of a new wave of Covid come on the eve of the holidays, when tens of millions of Americans will travel to reconnect with their families, some for the first time since the start of the pandemic. Americans will pay more to celebrate Thanksgiving when they gather around tables.
What else do we read and listen to
Will the global banks‘ bet on China pay off? JPMorgan – and its main Wall Street and European rivals – believe there is a jackpot to be won in China. For Western banks, this price has proved elusive so far. The US bank’s investment banking efforts in China came at a heavy cost for meager returns.
Is it time to be open about the paycheck? Chances are, even your best friend won’t know how much you make at work. In this episode of FT’s Working It podcast, host Isabel Berwick tries to figure out what is worrying us. Additionally, she talks to Brooke Masters about negotiating a raise.
Why the nuclear fusion race has just picked up Scientists are on a 60-year mission to answer one of energy’s most complex problems: how to harness the power of the sun to generate clean, endless electricity on Earth. No group has been able to generate more energy from a fusion reaction than the system consumes. But now scientists are optimistic.
Amazon’s fight against Visa is who keeps the profits As the biggest buying season of the year kicks off, Amazon launched a very public fight with Visa last week. He emailed UK customers telling them he plans to stop taking Visa-branded credit cards and offer them £ 20 off their next purchase if they change their payment method.
The United States and China are already at war. But what kind? As the top hedge fund expert Ray Dalio has noted, conflicts can erupt on many fronts, not just kinetics. “There is a trade war, a technology war, a geopolitical war, a capital war and there could be a military war. We are certainly in varying degrees in the first four of these. . . and there is good reason to be concerned about the fifth kind, ”he told Gillian Tett.
Thanks to the readers who responded to our survey yesterday. Fifty-five percent of those polled said they did not support Beijing’s crackdown on tutoring.
Ridley Scott called his new movie chaotic Gucci House “satire”. In other words, this is a joke. That explains a lot. Scott is a lot of things, including a filmmaker of great design who is sometimes unparalleled. A comedian he isn’t, writes FT film critic Danny Leigh.
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