JPMorgan's Dimon aiming for China venture with full control

Chinese rules limit them to minority stakes, reducing their sway over key decisions

JPMorgan Chase & Co Chief Executive Officer (CEO) Jamie Dimon, who in December agreed to exit a minority-owned Chinese investment-banking joint venture, said the US bank is seeking to find a new structure that would eventually give it full control.

“My longer-term dream is that we have, we own, 100 per cent of something,” Dimon, 61, said Monday in an interview with Bloomberg Television’s Stephen Engle in Beijing. The CEO said he’ll be patient in negotiations with Chinese regulators. The process “is complicated, so we respect that and we tell them what we’d like and hope it’ll happen.”

JPMorgan moved to sell