Jamie Dimon is a renowned Wall Street wisecracker but making jokes about China is risque even for the world's top banking executive.
Speaking at a panel discussion at the Boston College Chief Executives Club, Dimon quipped: 'I was just in Hong Kong and I made a joke that the Communist Party is celebrating its hundredth year. So is JP Morgan. I'd make a bet we last longer.'
He didn't stop there. 'I can't say that in China. They probably are listening anyway,' the 65-year-old banker added.
JP Morgan, which was founded in 1895, has operated in China since 1921 – the same year the Chinese Communist Party was officially formed.
The comments were apparently met with howls of laughter, with those that know Dimon aware of his brash sense of humour.
But in a sign that even the King of Wall Street is wary of Beijing, he has since apologised – twice.
Speech: JP Morgan boss Jamie Dimon (pictured) has apologised twice for the remarks he made about China at the Boston College Chief Executives Club
Dimon's comments had risked jeopardizing JPMorgan's growth ambitions in China where it won regulatory approval in August to become the first full foreign owner of a securities brokerage in the country. China experts in the United States said his quick apology should ensure no serious damage was done. (pictured: Chinese President Xi Jinping in Beijing)
First he said: 'I regret and should not have made that comment. I was trying to emphasise the strength and longevity of our company.'
Hours later, he added: 'I truly regret my recent comment because it's never right to joke about or denigrate any group of people, whether it's a country, its leadership, or any part of a society and culture.
'Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever.'
Dimon has been – until now at least – seen as almost untouchable.
He has lasted 16 years as chief executive of the bank, surviving the financial crisis and making JP Morgan the most consistent performer on Wall Street.
His pop at China betrays a self-confidence – indeed arrogance – that is in stark contrast to British rival HSBC which has been accused of 'kowtowing' to Beijing.
And there is little sign he is ready to stand down. Despite being 65, it is understood he wants to stay for another five years, telling Fox Business over the summer: 'I'm not going to go play golf and smell flowers.'
He has survived throat cancer and underwent emergency
