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Wall Street banks shrug off decoupling to embrace China

Goldman and JPMorgan Chase prepare for greater market access

Goldman Sachs plans to expand its China staff to 600 by 2024, up from its current 400.   © Reuters

NEW YORK -- As far as Wall Street is concerned, U.S. President Joe Biden's push to lessen American dependence on Chinese supplies is nothing to fret about. With Chinese companies showing a voracious appetite for fundraising and acquisitions, the opportunity is enormous.  

Some of Wall Street's biggest banks have prepared to make big moves in anticipation of greater access to China's financial sector. Goldman Sachs will expand its staff in mainland China this year, with plans to add 70 more people. By 2024, the company expects to field a workforce of 600, up from 400 now. The new hires will mainly be bankers, brokers and technicians.

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