Salem Radio Network News Monday, December 6, 2021

Business

JPMorgan’s Dimon says Hong Kong’s COVID-19 rules make it harder to retain staff

HONG KONG (Reuters) – JPMorgan Chase & Co Chief Executive Jamie Dimon said he believed Hong Kong’s strict pandemic measures are making it tougher for the investment bank to retain staff in the financial hub, Bloomberg News reported.

Dimon was in Hong Kong on Monday for a 32-hour visit after he was given an exemption to bypass quarantine, it reported.

Hong Kong has among the toughest quarantine in the world with requirements that visitors spend up to three weeks in a hotel after arriving from many countries around the world.

Business lobby groups https://www.reuters.com/business/hong-kongs-zero-covid-policy-undermining-financial-hub-status-industry-group-2021-10-25 have pushed the Hong Kong government to ease the strict requirements, saying the rules are undermining the city’s status as a financial hub.

Dimon said on Monday this “does make it harder” to keep and attract staff, Bloomberg reported.

JPMorgan did not immediately reply to a request for comment from Reuters outside of normal business hours in Asia.

The bank in August https://www.reuters.com/business/finance/jpmorgan-gets-beijings-approval-first-fully-foreign-owned-brokerage-2021-08-06 became the first overseas bank to be granted approval to take full ownership of its mainland Chinese securities joint venture.

(Reporting by Scott Murdoch in Hong Kong; editing by David Evans)

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