Leaders of JPMorgan Chase, Bank of America and Citigroup have said that they will comply with any US government order to withdraw from China if tensions between Beijing and Taiwan reac a level deemed unacceptable, reports the Financial Times. 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 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 chief executives of Citi and JPMorgan, respectively.