The 27-year bet Goldman Sachs has been running on China’s financial sector isn’t just paying off. It’s suddenly becoming a remarkably crowded trade.
True to its “long-term greedy” manta, the iconic Wall Street giant has had an office in Asia’s biggest economy since 1994. Since then, Goldman has eked out a modest living in the shadow of the giant state banks.
Now, “slow and steady” is suddenly accelerating as Beijing grants initial approval for Goldman to grab a controlling stake in a wealth management tie-up with state-owned Industrial & Commercial Bank of China.
Goldman isn’t alone.
