US banks feel headwind

„I’ll make you a bet we last longer,“ Jamie Dimon, CEO of JPMorgan, quipped at the 100th anniversary of the bank he runs and the Communist Party of the same age in 2021. Beijing was not particularly amused.

Despite concessions to foreign banks, the Chinese market is difficult to conquer, even for large international financial services providers like JPMorgan. Apart from the economic situation in China and political campaigns, tensions between Washington and Beijing threaten to escalate further.

Jamie Dimon, arguably the world’s most famous banker, visited China this week for the first time since the end of the pandemic. The billionaire and head of JPMorgan tried to spread good vibes in Shanghai. But in reality, he probably is not pleased with how his bank is doing in the People’s Republic.

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