Bank CEOs say they could exit China if it ever attacks Taiwan

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03:05 - Source: CNN

Russia's penetration of Ukraine reveals 'limits' of Russia-China relations

Hong Kong CNN Business  — 

Leaders of America’s biggest banks accidental they would travel immoderate US directive connected pulling concern from China if Taiwan is ever attacked by Beijing.

JPMorgan (JPM) CEO Jamie Dimon, Citi (C) CEO Jane Fraser, and Bank of America (BAC) CEO Brian Moynihan were each pressed connected the taxable Wednesday by US Congressman Blaine Luetkemeyer, from Missouri, successful a Capitol Hill hearing.

“We’ll travel [the] government’s guidance, which has been for decades to enactment with China, and if they alteration that position, we’ll instantly alteration it, arsenic we did successful Russia,” said Moynihan, citing the corporate response to Russia’s penetration of Ukraine.

Dimon said JPMorgan would “absolutely salute and travel immoderate the American authorities says — which is you each — and what you privation america to do.”

Asked what she would bash if the determination was near to her, Fraser said that it was “highly apt that we would person a materially reduced presence, if immoderate astatine each successful the country.”

“We precise overmuch anticipation it doesn’t happen,” she added.

Citi CEO Jane Fraser speaking beside JPMorgan CEO Jamie Dimon during a Senate committee   proceeding  successful  Washington, D.C. connected  Thursday.

Tensions person been rising precocious betwixt the United States and China implicit Taiwan, a self-governed antiauthoritarian land that the Communist enactment successful Beijing has agelong claimed arsenic portion of its territory, contempt having ne'er ruled implicit it.

Earlier this year, Russia’s onslaught connected Ukraine renewed fears that China could beryllium emboldened to beforehand its ain subject aggression toward Taiwan. In an interrogation that aired this past weekend, US President Joe Biden reaffirmed that US forces would support the territory against immoderate aggression from mainland China.

The 3 US lenders person a agelong past of operating successful China. Citi, which bills itself “as the archetypal American slope to alert the red, achromatic and bluish emblem successful China,” opened its archetypal bureau determination successful 1902 and calls the state 1 of its “greatest priorities.”

JPMorgan launched determination successful 1921, with a footprint that present includes cities specified arsenic Beijing, Shanghai, Guangzhou, and Shenzhen.

Bank of America offers firm banking services successful China, including a level for commercialized finance.

Luetkemeyer besides asked the executives to condemn alleged quality rights violations by China’s ruling Communist Party.

“Condemn is simply a precise beardown word,” said Fraser. “We surely are precise distressed to spot it going on, and we bash not privation to person quality rights abuses happening anyplace successful the world.”

Later, the CEOs were asked by different lawmaker, Representative Lance Gooden from Texas, if they “support a escaped and antiauthoritarian Taiwan.”

Moynihan said “yes,” portion Fraser was not called connected to specifically reply that question.

“I enactment state and ideology everywhere. I’m not going to specifically remark connected Taiwan — that’s up to the United States authorities to marque that benignant of statement,” said Dimon.

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