According to a report by Reuters, Goldman Sachs Group Inc. is planning to shut down its business in Russia, the first major Wall Street bank to leave in response to Russia’s invasion of Ukraine.
The company said “Goldman Sachs is shutting down its business in Russia in compliance with regulatory and licensing requirements. We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”
The Firm has retained an existence in Russia in current years, but the nation doesn’t amount to a significant fraction of its global banking business. At the end of 2021, the company’s total credit exposure to Russia was $650 million, the maximum of which was linked to non-sovereign counterparties or borrowers.
Earlier this month company started moving some of its staff to Dubai, responding to requests by some of its Russian staff to work from a different location.
Since Goldman is the first Wall Street firm to announce a departure, Citigroup Inc. said that it’s evaluating operations in the country. The US-based company has the largest presence in Russia than other US banks. It earlier declared steps to exit its customer service there, and is now functioning it “on a more limited basis given present circumstances and obligations,” Edward Skyler, executive vice president of global public affairs, said in a statement.
