Why Did Hong Kong Exempt Jamie Dimon From Its Restrictive COVID Quarantine Rules?

From the Department of Rules-For-Thee-But-Not-For-Me: JPMorgan Chase JPM CEO Jamie Dimon was allowed to bypass Hong Kong’s draconian COVID-related quarantine rules for a 32-hour visit to the city.

What Happened: The Wall Street Journal reported Dimon was the first-known Wall Street corporate leader to visit Hong Kong since the pandemic began, and his arrival came days after Hong Kong’s government removed quarantine exemptions for foreign dignitaries.

Under Hong Kong’s rules, most visitors need to be quarantined for up to three weeks at their own expense in government-owned hotels before they can move about the city. There are exceptions to the rule, though in Dimon’s case it appears he never spent a minute in quarantine.

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How It Happened: Dimon was in Hong Kong to meet with Filippo Gori, the bank’s Asia-Pacific head, along with JPMorgan’s 4,000-member Hong Kong workforce. This was Dimon’s first trip to Hong Kong in two weeks.

Hong Kong Chief Executive Carrie Lam defended her decision to exempt Dimon from the quarantine rules, noting he is a “relevant person” whose itinerary was “completely controllable.” Lam also admitted the bank’s financial muscle outweighed fears of spreading the coronavirus.

“After all, it is a very large bank, which has important business in the city,” Lam said in a press conference.

Still, Dimon received more favorable treatment than less prominent financial services professionals. Last month, the Asia Securities Industry & Financial Markets Association complained to Hong Kong’s government that nearly half of the firms it surveyed were either considering the relocation of staff or operations from Hong Kong due to the restrictive quarantine rules, while 73% added they were experiencing problems attracting and retaining talent in Hong Kong.

Photo: Steve Jurvetson / Flickr Creative Commons.