Deals
Wall Street Bid to Conquer China Faces Same Snares as Before
- Past China efforts snarled by regulations, strategy pitfalls
- China opens its $45 trillion financial market to global banks
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Wall Street banks have spent more than a decade chasing profits in China with scant success.
Now, as the nation opens its doors to more competition, the global banks’ renewed ambitions risk being stunted by the same strategy pitfalls, culture clashes, licensing and regulation hurdles that marred previous ventures.