Citi, JPMorgan Seen Evading Evergrande Crisis in China Push
- Direct exposure to firms is ‘verging on zero:’ CreditSights
- Wall Street has sought to gain a greater foothold in China
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The biggest U.S. banks appear to be sidestepping any fallout from the crisis at indebted developer China Evergrande Group that sparked a widespread selloff in stocks this week.
Citigroup Inc. has no direct lending exposure to Evergrande, a spokeswoman said. JPMorgan Chase & Co. and Bank of America Corp. also have no such links, according to people familiar with the matter, who asked not to be identified discussing private information. Bank of America has no indirect exposure because it limits business in China to subsidiaries of U.S. companies, one of the people said.