Profits at Goldman Sachs, Morgan Stanley and a clutch of other western banks in China fell sharply last year, as Covid-19 lockdowns and geopolitical tensions thwarted hopes that their operations in the country might finally start to be lucrative.
Credit Suisse, Deutsche Bank, Goldman Sachs and HSBC reported losses in their China-based units in 2022 and Morgan Stanley’s profits fell, figures published by the lenders and seen by the Financial Times show.
Among a group of seven Wall Street and European groups with investment banking units in mainland China, JPMorgan and UBS were the only banks whose profits rose, though HSBC’s unit lost less money than in previous years.
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