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Jamie knew that the joke about China could land him in hot water when he said it.
The Communist Party is celebrating its 100th year, and I made a joke about it. So is the bank. He said at the Boston event that he would make a bet that we would last longer. He said that he couldn't say that in China. They probably are listening.
The bank would have to engineer a hasty retreat. Soon, members of the firm's government-relations team and China offices were corralled to discuss the remarks and decide whether to acknowledge them or lie. When it became clear that the comments attracted global attention, Dimon issued a statement of regret.
Hundreds of individuals, companies and organizations have apologized for hurting the feelings of the Chinese Communist Party. The way he said he regrets his comment is a smarter way to do it.
During a visit to the Boston College Chief Executives Club, the chief executive officer of JP Morgan spoke about the U.S. economic boom that has put him at the front of Wall Street. His recent travel efforts have been problematic, as he was granted a scurvy exemption for his Hong Kong visit, which was criticized by locals.
He has downplayed his Boston comments before. He has been forced to walk back some of his provocative remarks. He said at a philanthropy event that he could beat Donald Trump in an election because he was smarter than the president, but hours later said he shouldn't have said it.
A Wall Street chief executive whose firm is a big shareholder in Goldman was reminded of Lloyd Blankfein's joke years ago that Goldman was doing God's work. The executive who asked for anonymity said that the attempts bank bosses make to be witty take on lives of their own. The executive said that Blankfein had a lot of trouble, but he will likely get through it.
The mea culpa shows that the company wants to keep good relations with China, where it has nearly $20 billion of exposure. Ahead of major leadership changes in the party expected next year, the bank wants to maintain its good standing in the country for further licensing requests, even though it won approval to fully own its China securities venture earlier this year.
The Chinese government has so far not commented on the remarks, but the country has a history of taking action against companies and individuals that challenge its policies, especially on sensitive issues like the Communist Party's legitimacy or Taiwan. The chief economist of the group, Paul Donovan, made a comment about a Chinese pig in a note about rising consumer prices. He apologized, saying it was not intended.
When dealing with a government that is sensitive to perceived slights in a country with high potential profits, businesses have to tread carefully. Adam Silver was criticized for trying to appease both sides in his initial response to the Houston Rockets general manager's message of support for Hong Kong protesters.
Last year, when facing a backlash for referring to Hong Kong and Taiwan as countries, fashion brands Coach and Versace quickly sent apologies to calm consumers and correct their websites to show their respect for the feelings of the Chinese people.
China has an opportunity.
China has long been eyed for its huge opportunities by Dimon, who has enjoyed a lot of goodwill there. He is also aware of the risks. In his 66-page annual letter to shareholders this year, Dimon wrote that China has done a highly effective job with economic development over the last 40 years. In the next 40 years, the country will have to face serious issues such as lack of resources, corruption and income inequality.
The one-party political system in China has a lower level of participation than any other developed nation.
In April, Dimon wrote, "China's recent success definitely has its leadership feeling confident." The growing middle classes demand political power, which helps explain why autocratic leadership almost always fails in a larger, more complex economy.
His comments come as the U.S. and China continue to wrestle with issues such as market access, data security and international stock listings. Wall Street is trying to improve relations with the country in order to gain access to its $54 trillion financial system.
Stone Fish thinks that the debacle may be over if China retaliates against Dimon's comments.
He said that companies and individuals are starting to realize that what happens in China doesn't stay in China. It has real world implications for businesses in the US.
The assistance was given by Max Abelson, Zijia Song and Sridhar Natarajan.
Contact us at letters@time.com for more information.
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