May 23 (Reuters) - JPMorgan & Chase chief executive Jamie Dimon said at the bank's conference in Shanghai that parts of its investment business in China had "fallen off a cliff" in recent years, the Financial Times reported on Thursday.

Along with a couple of Chinese companies, JPMorgan cut jobs in China after the country's economic slowdown, rising Sino-U.S. tensions and sluggish capital markets dampened dealmaking, Reuters reported earlier this month.

Domestic as well as western banking institutions in China have been struggling to retain a foothold in the country as the slow recovery in listing and dealmaking activities forces them to ramp up cost controls.

"Some of the investment banking business has fallen off a cliff in the last couple of years, I don't worry about that... that will have its ups and downs," the report quoted Dimon as saying in private comments to attendees at the conference, which were confirmed by FT.

He said the bank's businesses "should grow over time" and that "we just keep investing in whatever country we're in", according to the report.

JPMorgan declined to comment. (Reporting by Jaiveer Singh Shekhawat and Pritam Biswas in Bengaluru; Editing by Pooja Desai)