Pudong's Lujiazui Financial District in Shanghai. U.S. and European banks are "ringfencing" operations in China.
One of Wall Street's biggest banks stopped briefing the head of its subsidiary in mainland China on sensitive company strategy so that the government can't eavesdrop or demand details later. At nearby outposts for other U.S. and European banks, executives are spending tens of millions of dollars to locally house financial data and set up on-site internal controls. Some units are even looking at reshaping balance sheets to stand separate from parent companies.
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