NEW YORK -- Several major U.S. banks have been hit by the harsh reality of tensions between the world's two biggest economies, making expansion in China -- once thought of as a "holy grail" of opportunity -- increasingly fraught with risk.
Banks have begun to consider reducing staff in the region as Washington and Beijing remain entrenched in a trade war that has spanned two U.S. administrations, leading to an uptick in regulation and sanctions from both sides.
