JPMorgan chief executive Jamie Dimon said on Thursday that parts of its business in China had “fallen off a cliff” in recent years, highlighting the challenges western institutions face in the country’s investment banking sector.
In private comments, confirmed by the Financial Times, to attendees at the bank’s flagship conference in Shanghai, Dimon said that business had “grown” but it had been “tough” and that he remained optimistic on new areas of growth, after a wave of regulatory approvals.
“Some of the investment banking business has fallen off a cliff in the last couple of years, I don’t worry about that . . . that will have its ups and downs,” he said, adding that other businesses including asset management “should hopefully grow over time”.