The chief executives of Bank of America, Citibank and JPMorgan Chase attended a hearing before the U.S. House of Representatives Finance Committee.
[Financial Channel/Comprehensive Report] The CEOs of three major Wall Street investment banks, including Citigroup, JPMorgan Chase (Mr. Morgan), and Bank of America, went to the U.S. Congress this week for questioning. The CEOs of these three investment banks agreed that if China invades Taiwan, Will comply with the US government's order to withdraw from the Chinese market.
"Financial Times" reported that the three major investment banks in the United States attended the House Financial Services Committee hearing on Wednesday (22nd), Missouri Congressman Blaine Luetkemeyer asked, if Taiwan is attacked by military forces, are they ready to withdraw from China?
In this regard, Bank of America CEO Brian Moynihan emphasized that he would follow the instructions of the US government, and declared that Bank of America has been working with China for decades. If they (China) change their position, we will change immediately, just like we did with Russia. action like that.
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Citigroup Chief Executive Jane Fraser and JPMorgan Chief Executive Jamie Dimon agreed with Bank of America.
"We absolutely follow any direction from the U.S. government, including what you want us to do," JPMorgan CEO Jamie Dimon said. "I'm not going to comment specifically on Taiwan, but I believe liberal democracy is everywhere."
According to the report, Citi's exposure to China, including loans and investment securities, was $27.3 billion at the end of 2021, five times its level in Russia.
JPMorgan established a joint-venture securities firm in China in 2011, and it was only last year that it received approval to become China's first wholly foreign-owned securities firm.
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