JP Morgan CEO Jamie Dimon issued a formal apology Wednesday after he made a joke that his company would outlive the Chinese Communist Party. “I regret and should not have made that comment,” the banker said. “I was trying to emphasise the strength and longevity of our company.” A spokesperson went on to stress Dimon’s deference to China, saying he would “never speak lightly or disrespectfully about another country or its leadership.” “During the discussion Jamie made clear China and its people are very smart and very thoughtful,” the spokesperson added.

Dimon made his offhand joke during an event in Boston on Tuesday. “I made a joke the other day that the Communist party is celebrating its 100th year–so is JP Morgan. I’d make a bet that we last longer,” he said. “I can’t say that in China. They are probably listening anyway.”