China’s Millionaires Are Worried. That’s a Problem for Wall Street.
[Story from Apple News+ or, if you have a subscription, the Wall Street Journal.]
For years, banks including Citigroup, JPMorgan and UBS competed hard to win business from China’s giant pool of wealthy people.…But three years of stock-market declines in mainland China and Hong Kong, a wave of bond defaults in the real-estate sector and the faltering performance of China’s economy have dealt a huge blow to the business model of these banks.
Oops.
There are days I'm really happy I never took a course in economics. Ignorance is bliss.
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