Wall Street’s Dreams of a China Windfall Face a Reality Check

Wall Street’s dreams of making windfall profits from China’s $60 trillion financial market are more elusive than ever. The biggest banks — Goldman Sachs and Morgan Stanley among them — are downsizing or icing expansion plans as the geopolitical climate worsens. It’s a significant about-face on strategy championed as recently as 18 months ago, aimed at competing with Chinese rivals on their home turf.