Dimon said JPMorgan would “absolutely salute and follow whatever the American government says — which is you all — and what you want us to do.”
Asked what she would do if the decision was left to her, Fraser said that it was “highly likely that we would have a materially reduced presence, if any at all in the country.”
“We very much hope it doesn’t happen,” she added.
Tensions have been rising recently between the United States and China over Taiwan, a self-governed democratic island that the Communist leadership in Beijing has long claimed as part of its territory, despite having never ruled over it.
JPMorgan launched there in 1921, with a footprint that now includes cities such as Beijing, Shanghai, Guangzhou, and Shenzhen.
Luetkemeyer also asked the executives to condemn alleged human rights violations by China’s ruling Communist Party.
“Condemn is a very strong word,” said Fraser. “We certainly are very distressed to see it going on, and we do not want to have human rights abuses happening anywhere in the world.”
Later, the CEOs were asked by another lawmaker, Representative Lance Gooden from Texas, if they “support a free and democratic Taiwan.”
Moynihan said “yes,” while Fraser was not called on to specifically answer that question.
“I support freedom and democracy everywhere. I’m not going to specifically comment on Taiwan — that’s up to the United States government to make that kind of statement,” said Dimon.