FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid
March 10, 2022
By Niket Nishant and Matt Scuffham
(Reuters) – Goldman Sachs Group Inc said on Thursday it was closing its operations in Russia, becoming the first major Wall Street bank to exit the country following Moscow’s invasion of Ukraine.
Operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the bank said in an emailed statement.
A source familiar with the situation said Goldman would wind down the operations rather than exit them immediately. The loss due to the exit would be immaterial, the source said.
In its annual filing earlier, the bank had disclosed a credit exposure to Russia of $650 million.
Bank of International Settlements data shows that U.S. bank exposure to Russia totals $14.7 billion.
Citigroup Inc said on Wednesday it was operating its Russian consumer business on a more limited basis while sticking with its previous plans to divest the franchise.
Other U.S. banks operating in Russia include JPMorgan, which declined to comment on what its plans were.
(Reporting by Niket Nishant in Bengaluru and Matt Scuffham in New York; Additional reporting by David Henry; Writing by Megan Davies in New York; Editing by Anil D’Silva and Mark Porter)
Source: One America News Network
