since the pandemic began. It helps that he was granted an exemption from the usually mandatory three weeks in hotel quarantine. The official line is that his visit is beneficial to “economic development”, with Hong Kong’s own chief, Carrie Lam, adding that JPMorgan is “a very huge bank”.
The region certainly matters to JPMorgan. Greater China is the source of some 90% of JPMorgan’s Asian revenue growth. And the bank was the first to win approval for full control of its mainland securities business. Being the first to show some face may score some brownie points. Hong Kong and its financial-services industry, meanwhile, have been caught up by U.S.-China spats. The city’s strict Covid-19 control measures, emulating those in the mainland, further raised concerns that Western banks would stage a faster exodusCapital Calls - More concise insights on global finance:
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