October 7, 2022

Taiwan: US bank CEOs say they could exit China if it ever attacks the island

2 min read

JP Morgan (JPM) CEO Jamie Dimon, City (C) CEO Jane Fraser, and Bank of America (BAC) U.S. Congressman Blaine Leutkemeier from Missouri pressed CEO Brian Moynihan on the topic on Wednesday. Capitol Hill hearings.
“We will follow. [the] The government’s guidance, which has been working with China for decades, and if they change that position, we will change it immediately, just like we did in Russia,” Moynihan said. . Corporate response To Russia invades Ukraine.

Damon said JPMorgan “will fully salute and comply with whatever the US government says – which is all of you – and what you want us to do.”

Asked what she would do if that decision was left to her, Fraser said “it is very likely that our presence will be materially reduced, if any in the country.”

“We very much hope that will not happen,” he added.

Citi CEO Jane Fraser speaks with JPMorgan CEO Jamie Dimon during a Senate committee hearing in Washington, DC on Thursday.

Tensions have been rising between the United States and China recently over Taiwan, an autonomous democratic island that the Communist leadership in Beijing has long claimed as part of its territory, though it has never ruled. was

Russia’s invasion of Ukraine earlier this year New concerns that China might dare to advance its military aggression towards Taiwan; In an interview that aired last weekend, US President Joe Biden Confirmed again That US forces will defend the mainland against any aggression by mainland China.
The three US lenders have a long history of operating in China. Citi, which Bill himself “As the first American bank to fly the red, white and blue flag in China,” opened its first office there in 1902 and called the country one of its “greatest priorities.”

JPMorgan started there in 1921 with a footprint that now includes cities such as Beijing, Shanghai, Guangzhou and Shenzhen.

Bank of America The offer Corporate banking services in China, including a trade finance platform.
Foreign investors are fleeing Taiwan after Russia's attack on Ukraine.  Here's why.

Luetkemeyer asked executives to condemn alleged human rights abuses by China’s rulers. The Communist Party.

“Condemned is a very strong word,” Fraser said. “We’re certainly very upset to see this, and we don’t want human rights violations to happen anywhere in the world.”

Later, the CEOs were asked by another Texas lawmaker, Rep. Lance Godin, if they “supported an independent and democratic Taiwan.”

Moynihan said “yes” while Fraser was not called to specifically answer the question.

“I support freedom and democracy everywhere. I’m not going to comment on Taiwan specifically — it’s up to the United States government to make that kind of statement,” Damon said.

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