Jamie Dimon defends seeking full control of JPMorgan's securities business in China, says he's a 'patriot way before' CEO
Brian Snyder/Reuters
- Dimon responded to concerns about the company's Chinese expansion on a Sunday morning talk show.
- JP Morgan's regulatory approval may signal China's willingness to open up its capital markets to American companies.
- Dimon says he intends to operate in China according to US foreign policy and will plainly stop expansion if US policy dictates.
- See more stories on Insider's business page.
JPMorgan Chase CEO Jamie Dimon on Sunday defended 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 companies.
Dimon appeared on Fox New's Sunday Morning Futures to discuss becoming the first international firm to be granted permission from China to take full control of a securities business there.
"When we do something in a foreign country who follow American foreign policy, you may not believe this, but American foreign policy wants a JP Morgan to properly expand, to serve American companies, other companies," he said.
The company's expansion in China comes at a time of heightened US tensions between Washington and Beijing and brought up concerns about national security, especially data privacy.
When host Maria Bartiromo asked if he was worried about the national security implications of the expansion, Dimon responded, "I'm a patriot way before I worry about any money or anything like that, or about JP Morgan per se."
Cybercriminals behind a Microsoft email hack in March are thought to have connections to the Chinese government. Dimon made it clear that though data sharing issues are complex, the company does not intend to share its data with the Chinese government.
"I am not as worried about the Chinese as everybody else," Dimon added.
Though China loosened market restrictions in this case with JP Morgan, it has also tightened regulations domestically across industries. China also faces financial meltdown, which has led them to sell $800 billion worth in stocks and bonds worldwide and may be driving US companies like JP Morgan to do business with them.
When asked if China's accordance to US accounting standards affected the development of this deal, Dimon said, "when we sign a contract, different rules apply. We know what the rules 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 further comment following Dimon's interview, but the company did not respond by publication.
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