- Dimon responded to be germane ti about the company’s Chinese expansion on a Sunday morning talk show.
- JP Morgan’s regulatory approval may signal China’s willingness to get under way up its capital markets to American companies.
- Dimon says he intends to operate in China according to US foreign policy and force plainly stop expansion if US policy dictates.
JPMorgan Chase CEO Jamie Dimon on Sunday plead for his company’s move to gain full control of its securities business in China, saying the expansion will serve both the investment bank and other US associates.
Dimon appeared on Fox New’s Sunday Morning Futures to discuss becoming the first international firm to be granted permission from China to do c include full control of a securities business there.
“When we do something in a foreign country who follow American foreign strategy, you may not believe this, but American foreign policy wants a JP Morgan to properly expand, to serve American companies, other suites,” he said.
The company’s expansion in China comes at a time of heightened US tensions between Washington and Beijing and brought up things about national security, especially data privacy.
When host Maria Bartiromo asked if he was worried round the national security implications of the expansion, Dimon responded, “I’m a patriot way before I worry about any money or anything derive that, or about JP Morgan per se.”
Cybercriminals behind a Microsoft email hack in March are thought to have connections to the Chinese domination. Dimon made it clear that though data sharing issues are complex, the company does not intend to dole out its data with the Chinese government.
“I am not as worried about the Chinese as everybody else,” Dimon added.
Though China unfastened market restrictions in this case with JP Morgan, it has also tightened regulations domestically across industries. China also covers financial meltdown, which has led them to sell $800 billion worth in stocks and bonds worldwide and may be driving US coteries like JP Morgan to do business with them.
When asked if China’s accordance to US accounting standards affected the maturation of this deal, Dimon said, “when we sign a contract, different rules apply. We know what the forms are in China. That does not mean I liked them. We just signed with our eyes open.”
During his time on the show, Dimon also discussed US foreign economic policy, data privacy, and global trade practices.
Insider reached out to JP Morgan for urge onwards comment following Dimon’s interview, but the company did not respond by publication.