Market News

Goldman, JPMorgan Reveal Plans to Exit Russia

The Goldman Sachs Group (GS) and JPMorgan Chase (JPM) have announced plans to wind down their operations in Moscow due to the ongoing conflict between Ukraine and Russia.

In its latest annual Sec filing, Goldman revealed that it had a $650 million exposure to Russia as of December 2021. A Goldman Sachs spokesperson told CNN, “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements.”

Also, the investment bank said that it was focusing on helping clients globally in dealing with any pre-existing obligations in the market.

Goldman was among the first to take this step. The move was soon followed by JPMorgan which stated that it was “actively unwinding” its Russian business with no plans of pursuing new business there. The bank said that it had limited operations in Russia. The news of JPMorgan’s exit was first reported by Bloomberg.

While the two U.S. banks are working on exit plans, BNP Paribas has shut Russian employees from its internal computer systems, to be safe from any potential cyberattack.

Since the U.S., European Union and Britain have been imposing sanctions on Russia to cut its ties with the global financial system, several other banks are likely to follow the suit. Though the losses might not be huge enough to impact their financial stability but may derail investment plans to some extent.

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