Goldman Sachs is the first Wall Street bank to close down business in Russia.
“Goldman Sachs is winding 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.”
Email Statement from Goldman Sachs
The move is a major step and joins on several other corporations that have been ending business in Russia, including tech giant like Apple and Microsoft as well as Visa, Mastercard, McDonald’s, and Coca Cola. Stores and corporate offices have shuttered in the nation as the Russian invasion continues onward in Ukraine.
Related: McDonald’s Among List of 300+ Companies Leaving Russia
JPMorgan Chase, Bank of America, and Morgan Stanley have small dealings in Russia, as CNBC reported. Citigroup had been one of the largest banks in dealing with Russia, but was previously planning to sell its operations in the country. However, with the invasion of Ukraine, Citigroup may close its Russian dealings in the future, with its operations in consumer banking “more limited” currently.
Goldman Sachs additionally stated:
“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate.”
Related: Updates on Russia’s invasion of Ukraine: Maternity hospital hit by Russian airstrike
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Zainah Yousef is a writer for The DZSH Group. She is also the author of “The Fallen Age Saga.” Her areas of focus are on psychology, politics, public security, and war. She is also a frequent contributor in articles on video games and entertainment news.
Thumbnail image by Jordan Merrick on Unsplash
Zainah Yousef
Zainah Yousef is the author of The Fallen Age Saga and specializes in gaming, social media advice, and reviews. She's been writing all her life and she probably won't stop anytime soon.
