Wall Street titans poised to grow in China

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

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 Huaxin Securities to 49 per cent earlier this