Ukraine invasion: Goldman Sachs first Wall Street bank to announce Russia exit
- The Wall Street powerhouse has maintained a presence in Russia in recent years
- Rival Citigroup, which has the largest presence in Russia of any US bank, is also assessing operations in the country
Goldman Sachs said it plans to close its operations in Russia, the first major Wall Street bank to leave in response to the nation’s invasion of Ukraine.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the company said Thursday in an emailed statement.
“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 Wall Street powerhouse has maintained a presence in Russia in recent years, but the country does not amount to a meaningful portion of its global banking business. At the end of 2021, the firm’s total credit exposure to Russia was US$650 million, most of which was tied to non-sovereign counterparties or borrowers.
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While Goldman is exiting Russia, the firm is still trading corporate debt tied to the country without the bank itself making wagers on price movements.