08:55 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with additional content from the report from the second paragraph)

Some of JPMorgan Chase's ( JPM ) investment banking business in China has "fallen off a cliff" in recent years, and though it has "grown" it has been a challenge, the Financial Times Thursday reported Chief Executive Jamie Dimon said in confirmed private comments to attendees at the bank's Shanghai conference.

Dimon said JPMorgan ( JPM ) retained 1,200 mainland China clients, many of them multinationals, according to the FT.

Dimon also addressed mounting tensions between the US and China. He said the two countries shared mutual interests that included combatting extremist violence by non-state actors and preventing the spread of nuclear weapons. "There's no reason it has to get into a war," he said, according to the FT. "China has never been expansionary."

JP Morgan did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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