May 23 (Reuters) - JPMorgan & Chase ( JPM ) chief

executive Jamie Dimon said at the bank's conference in Shanghai

that parts of its investment business in China had "fallen off a

cliff" in recent years, the Financial Times reported on

Thursday.

Along with a couple of Chinese companies, JPMorgan ( JPM ) cut jobs

in China after the country's economic slowdown, rising Sino-U.S.

tensions and sluggish capital markets dampened dealmaking,

Reuters reported earlier this month.

Domestic as well as western banking institutions in China

have been struggling to retain a foothold in the country as the

slow recovery in listing and dealmaking activities forces them

to ramp up cost controls.

"Some of the investment banking business has fallen off a

cliff in the last couple of years, I don't worry about

that . . .  that will have its ups and downs," the report quoted

Dimon as saying in private comments to attendees at the

conference, which were confirmed by FT.

He said the bank's businesses "should grow over time" and

that "we just keep investing in whatever country we're in",

according to the report.

JPMorgan ( JPM ) declined to comment.