Jamie Dimon walks back on China Communist Party comment

[NEW YORK] JPMorgan Chase chief executive Jamie Dimon on Wednesday walked back on his remarks on China's Communist Party, a day after he joked that his bank would last longer than the party.

"I regret and should not have made that comment. I was trying to emphasise the strength and longevity of our company," Dimon said.

A JPMorgan spokesperson added that Dimon had acknowledged that he should "never speak lightly or disrespectfully about another country or its leadership."

Speaking at a Boston College series of CEO interviews on Tuesday, Dimon said, "I made a joke the other day that the Communist Party is celebrating its 100th year - so is JPMorgan. I'd make a bet that we last longer."

"I can't say that in China. They are probably listening anyway," he added.

But with nearly US$20 billion of exposure in the world's second-largest economy - and big ambitions to expand even further - the US bank has a lot riding on maintaining cordial relations with a government that's sensitive about anything that might be construed as questioning its legitimacy.

In a sign that JPMorgan is attuned to the risk of blowback, members of the bank's government relations team and China offices had internal discussions about Dimon's remarks after he spoke at a panel discussion on Tuesday, according to a person familiar with the matter.

While some executives expressed concern that the joke could be viewed as insensitive, the government relations team told the group that Dimon intended to stress the longevity of JPMorgan's China business rather than criticise the party.

REUTERS,BLOOMBERG