JPMorgan CEO Jamie Dimon's China Exit

JPMorgan Chase CEO Jamie Dimon said on Wednesday that his bank would leave China if the U.S. government asked him to. “If the U.S. government forces me to leave China, I will leave China,” Dimon said at a summit regarding a possible future conflict over Taiwan. JPMorgan, which has long had a presence in China, does investment and corporate banking, payments and asset management there. Rising geopolitical tensions fueled by the wars in Ukraine and Israel have also raised other concerns. “Nobody thinks that’s going to happen; it could happen,” Dimon said of the Taiwan war. “That would be really bad for the world and for China.” Dimon called relations with China, the world’s second-largest economy, “a very complex issue” and said engagement with both the Chinese and U.S. governments was necessary. “I think it’s a good thing, if it makes sense, that an American bank is there to help multinationals around the world and to help China with their own development,” Dimon said. “If for some reason the American government says, ‘No, I can’t do this anymore,’ so be it.” The bank advises Chinese clients including fast-fashion retailer Shein and TikTok parent ByteDance.