Major U.S. investment banks exit Russia as part of sanctions over war in Ukraine.
Global investment banks Goldman Sachs and JPMorgan Chase are winding down business in the Russian Federation. The move comes as western sanctions against Moscow over its decision to launch a military invasion of Ukraine continue to expand, supported by leading financial institutions.Goldman Sachs Group and JPMorgan Chase have become the first major American banks to announce they are leaving Russia, a process that according to industry experts may take months if not years.
In a statement, Goldman Sachs said it’s acting in compliance with regulatory and licensing requirements. A source revealed that the bank is currently winding down its operations rather than exiting them immediately. Goldman’s credit exposure to Russia amounts to $650 million. Its shares fell 2.8% to $325.97 in midday trading on Wednesday.
Meanwhile, Citigroup has announced its consumer business operations in Russia are now limited and the bank is implementing a plan to divest the franchise. With almost $10 billion, Citigroup is the U.S. bank with the biggest Russian exposure and has already admitted through a financial executive that its losses may potentially reach half of that total.
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