Western financial firms are cutting their operations in China as the country’s economy fails to show significant signs of improvement, weighing on companies’ profits, Reuters reported Monday.
Fidelity International Ltd., Morgan Stanley and Legal & General are among the financial firms that have either suspended plans for expansion or cut jobs focused on the region since the beginning of the year, with Goldman Sachs, JPMorgan Chase & Co. and Citigroup cutting investment banking jobs focused on China in the last year, according to Reuters. China’s economy failed to pick up steam in 2023, growing only 5.2% for the year, lower than the 6% rate that was normal prior to 2020, as the effects of years-long COVID-19 lockdown policies continue to take their toll. (RELATED: Apple Cooperates With Chinese Censorship Demands, Removes Popular Messaging Apps From Store)
“As the outlook for…
