Leaders of JPMorgan Chase, Bank of America and Citigroup have committed to complying with any US government demand to pull out of China if Beijing were to attack Taiwan.
The chief executives of the three largest US banks by assets made the commitments on Wednesday at a hearing of the committee on financial services at the US House of Representatives. They spoke in response to a question by Blaine Luetkemeyer, a Republican congressman from Missouri, on whether they were prepared to pull their investments out of China in the event of a military assault on Taiwan.
“We’ll follow the government’s guidance, which has been for decades to work with China. If they change their position, we will immediately change it, just as we did in Russia,” said Brian Moynihan, BofA’s chief executive.
His comments were echoed by Jane Fraser and Jamie Dimon, the CEOs of Citi and JPMorgan respectively.
Dimon evoked a sense of patriotism in his response. “We would absolutely salute and follow whatever the American government said, which is you all, what you want us to do,” he told the committee.
This is a developing story. More to follow.