US bank CEOs say they would stop working with China in event of Taiwan attack
- US lawmakers grilled the heads of top financial institutions over the economy, as well as their ties to China and Russia
- The executives said they would do as the US government instructed in event of a Taiwan invasion by mainland forces
Some of the top US banks said on Wednesday that they would stop working with China in the event of a Taiwan invasion by mainland forces, if the United States government instructed them to do so.
The remarks were made during a hearing before the House of Representatives Financial Services Committee, when some lawmakers went after the CEOs over their institutions’ business operations in Russia as well as China, whose increasingly bellicose stance on Taiwan is causing growing tension with Washington.
The line-up included CEOs of the four largest US banks: JPMorgan Chase & Co’s Jamie Dimon, Wells Fargo’s Charles Scharf, Bank of America’s Brian Moynihan and Citigroup’s Jane Fraser.
They were joined by the CEOs of the country’s largest regional lenders, US Bancorp, PNC Financial and Truist.
California congressman Brad Sherman, a Democrat, pressed Dimon and Fraser about their Russian clients, sparking a brief, contentious exchange in which Dimon – known for his blunt and forthright style – attempted to interject while Sherman was speaking.