NEW YORK: JPMorgan Chase and Goldman Sachs executives confirmed their continued commitment to Chinese operations despite escalating US-China tensions.
JPMorgan Vice Chairman Daniel Pinto stated the bank remains invested in China while carefully managing its exposure and investment quality.
“The size of our business would have been multiples of what it is today” if US-China relations were better.
Pinto emphasized JPMorgan maintains several thousand employees in China and considers the business performance acceptable.
Chinese regulators have been “quite helpful” in granting licenses to support financial industry development.
“We are not in the business of pulling out and going back in countries from one day to the other,“ Pinto added.
Goldman Sachs President John Waldron similarly confirmed the bank’s ongoing engagement in Chinese markets.
“We’re not leaving China, we’re very consistently engaged in those markets,“ Waldron told a conference in Washington.
Goldman has participated in important capital markets transactions supporting Chinese companies this year.
Waldron acknowledged companies will adjust their behavior as changing US-China relations affect capital flows.
JPMorgan recently announced plans to hire bankers and invest up to 10 billion dollars in US national security companies.
This investment forms part of JPMorgan’s broader 1.5 trillion dollar commitment to strategic sectors. – Reuters
