businessUpdated: Apr 19, 2020 07:20 ISTWall Street banks have spent more than a decade chasing profits in China with scant success. The first taste of China for the U.S. and European banks came through joint ventures with local partners that have largely been duds. Goldman Sachs Group Inc., Morgan Stanley and their peers are now free to take full ownership or set up new operations, a once-in-a-lifetime opportunity that they say will propel growth, investments and innovation. Morgan Stanley will also pursue additional licenses in brokerages and asset management. Morgan Stanley and the joint venture declined to comment.

Source: Hindustan Times April 19, 2020 01:35 UTC