Wall Street bulls charge into China’s opening markets

The 27-year bet Goldman Sachs has been running on China’s financial sector isn’t just paying off. It’s suddenly becoming a remarkably crowded trade. True to its “long-term greedy” manta, the iconic Wall Street giant has had an office in Asia’s biggest economy since 1994. Since then, Goldman has eked out a modest living in the shadow of the giant state banks. Now, “slow and steady” is suddenly accelerating as Beijing grants initial approval for Goldman to grab a controlling stake in a wealth management tie-up with state-owned Industrial & Commercial Bank of China. Goldman isn’t alone. A who’s-who of Wall Street royalty is rushing China’s way even as geopolitical currents pull Washington and Beijing apart. Last week, JP Morgan applied to take full

By WILLIAM PESEK Via https://asiatimes.com/2021/06/wall-street-bulls-charge-into-chinas-opening-markets/