J.P. Morgan chief executive Jamie Dimon made his first visit to Hong Kong since the coronavirus pandemic first began with an exemption from the city’s quarantine measures.

J.P. Morgan’s Jamie Dimon arrived in Hong Kong on Monday for a 32-hour visit which he said was aimed at thanking his 4,000 employees in the city for their hard work and dedication during the pandemic. 

Over the last five years, the American bank’s revenue in Asia has increased more than 50 percent with Greater China accounting for 90 percent of growth.

Covid Exemption

Although the Hong Kong government had recently tightened rules to suspend quarantine exemptions for most groups, including foreign diplomatic personnel, top business executives and senior bankers, an exception was made for Dimon due to economic interests. 

«The government was satisfied that the exemption is justified to facilitate the short visit by a small party (Dimon and his chief of staff), the purpose of which is considered to be in the interest of Hong Kong‘s economic development,» said a spokesperson for the Financial Services and the Treasury Bureau.

«Robust infection control requirements and protocols are attached to the exemption. The approved itinerary of the visit has fully reflected the need to minimize social contact. We are also satisfied that sufficient safeguards have been put in place by the applicant financial institution to ensure compliance with those requirements and protocols.»

Talent Risk

On the stricter quarantine rules, Dimon noted in a meeting with reporters that this had an impact on business and made it more difficult to attract and retain talent.

This follows calls from financial industry group ASIFMA (Asia Securities Industry & Financial Markets Association) to ease quarantine rules and abandon its zero-Covid policy. An ASIFMA survey also found that nearly half of major international banks and asset managers were considering moving staff or functions out of Hong Kong.

China

Dimon also happens to be in Hong Kong on the week of the virtual meeting between Joe Biden and Xi Jinping scheduled for Tuesday.

On U.S.-China tensions, Dimon said he would not be «swayed by geopolitical winds» though he expected relations to improve between the two countries.

And on the ongoing property debt troubles in the mainland, Dimon also expressed optimism due to improvements in transparency and regulations, adding that he expected no significant spillover to global markets.