Trump win casts fresh doubts over Wall Street's China strategy

More U.S. financial firms may pull back from China, hive off local units to minimise risks or pause expansion plans on concerns about geopolitical tensions in a Donald Trump presidency, industry executives and analysts said. Mainland China was a lucrative market for Wall Street investment banks and major U.S. asset managers to expand in the decade leading up to the pandemic as the world's second-largest economy recorded double-digit economic growth. However, those firms now face risks of even more trade tensions between Beijing and Washington under a new U.S. administration with their Chinese units already reeling from faltering economic growth and regulatory changes that have hit revenues.