Shannon Brandao on LinkedIn: Goldman Sachs pares back ‘growth at all costs’ China strategy
FT [excerpt]: #GoldmanSachs chief executive David Solomon warned that tensions between Washington and Beijing could take years to resolve and that the…
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"FT [excerpt]: #GoldmanSachs chief executive David Solomon warned that tensions between Washington and Beijing could take years to resolve and that the #WallStreet bank had moved away from a 'growth at all costs' strategy towards the world’s second-largest #economy.

Goldman, which has had an office in Hong Kong for 40 years and opened its first office in #China in 1994, has cultivated deep corporate ties there and is one of the most closely followed US companies in the country.

Speaking with the Financial Times at the Global Banking Summit, Solomon said he was encouraged by recent dialogue between the US and Chinese governments but cautioned that the differences between the two sides were deep-rooted."

"Solomon said five years ago, Goldman was executing a strategy that was more 'growth at all costs in China'.

'Today, it’s a more conservative approach [in China] and we’ve probably pared back some of our financial resources there, simply because there’s more uncertainty,' he added."

#news #business #geopolitics