The profits of some Wall Street investment banks in mainland China hit record highs last year amid a sharp rise in trading, as global investors piled into the world’s second-largest economy.
The China securities units of Goldman Sachs, Morgan Stanley and JPMorgan posted record net profits in 2025, largely on the back of income from trading and brokerage, according to FT calculations.
The Wall Street lenders’ income in China comes largely from facilitating cross-border business, which has once again increased amid a surge in interest from trading firms and investors, while investment banking revenues — a traditional engine of growth — have remained weaker.
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