Goldman, Morgan Stanley and JPMorgan Post Record 2025 China Profits as Trading Booms
Updated
Updated · Financial Times · Jul 5
Goldman, Morgan Stanley and JPMorgan Post Record 2025 China Profits as Trading Booms
2 articles · Updated · Financial Times · Jul 5
Summary
Record 2025 net profits at Goldman Sachs, Morgan Stanley and JPMorgan’s mainland securities units marked a rebound in China after years of weak results and staff cuts.
Trading and brokerage drove the surge as global investors increased cross-border activity, while traditional investment-banking revenue stayed subdued amid slower growth, policy shifts and trade tensions.
JPMorgan said its China business has grown 20% annually for the past two years; Morgan Stanley was the main outlier in advisory, with onshore income rising to Rmb312 million from Rmb123 million.
European rivals lagged: HSBC’s onshore net profit fell to Rmb102 million from Rmb169 million, while Deutsche Bank’s Zhong De venture widened losses to Rmb93 million.
UBS stood apart among European banks, lifting net profit more than fivefold on an Rmb800 million brokerage-revenue increase, underscoring how China’s opening since 2020 has favored trading over broader financial-services expansion.