Wall Street stands to lose tens of billions of dollars in China from deteriorating relations between world’s two largest economies

Wall Street giants such as Goldman Sachs and JPMorgan Chase have tens of billions of dollars at stake in China as political tension risks derailing the nation’s opening of its US$45 trillion financial market.Five big US banks had a combined US$70.8 billion of exposure to China in 2019, with JPMorgan alone ploughing US$19.2 billion into lending, trading and investing. That’s a 10 per cent increase from 2018.While their assets in the country are comparatively small, they have big expansion plans…

from South China Morning Post https://www.scmp.com/business/banking-finance/article/3086622/wall-street-stands-lose-tens-billions-dollars-china