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Wall Street titans poised to grow in China

Some banks stood by China ventures, while others withdrew or stayed out

Hugh Son & Dakin Campbell | Bloomberg 

Morgan Stanley, Goldman Sachs Group and Citigroup are finding patience pays off  in China. The trio now have an advantage over some of their largest Wall Street rivals after officials in charge of the world’s No 2 economy promised on Friday to let foreigners take majority stakes in securities firms there — raising limits that had long frustrated US and European bankers. JPMorgan Chase & Co pulled out of a joint venture in China in 2016, and Bank of America also doesn’t have one. In contrast, Morgan Stanley increased its stake in a partnership with ...

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First Published: Sun, November 12 2017. 00:26 IST