Goldman Sachs has said it will cease operations in Russia, becoming the first Wall Street bank to pull out of the region in response to its invasion of Ukraine.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the company said 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 wellbeing of our people.”
Goldman Sachs has maintained a presence in Russia since 1998, however, the country makes up a comparatively small portion of its global banking business. The bank’s annual results showed its credit exposure to Russia was $650m at the end of 2021.
Although it will be closing its office in Moscow, Bloomberg noted the company is still trading corporate debt tied to the country even if the bank itself is not making wagers on price movements.
However, Goldman Sach’s move puts pressure on other Wall Street titans to follow suit. So far Citigroup is the only other investment bank to break its silence, stating on Wednesday it is assessing its operations in the region.
Citi has the largest presence of any US bank in the region, with 3,000 workers and $9.8bn of loans, assets and other holdings tied to Russia. But it is now operating “on a more limited basis given the current circumstances and obligations”.
