Goldman Sachs is halting business in Russia. The moves makes them the first major Wall Street bank to pull out of the country due to its invasion of and war with Ukraine.
Goldman Sachs announced the news via an email sent Thursday (March 10).
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a bank spokeswoman said. “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.”
Other major banks – such as JPMorgan Chase, Bank of America and Morgan Stanley = aren’t disclosing their Russia exposure in filings, suggesting fewer dealings with Russia, analysts report.
While Goldman Sachs is the first major Wall Street bank to stop doing business with Russia, they’re far from the first company. A number of large American companies have stopped doing business in Russia, including McDonald’s, Starbucks, Coca-Cola and Pepsi (with some exceptions) as of this week.
A statement from Citigroup Inc. released Wednesday (March 9) states that it will operate on a limited basis in Russia. Citigroup Inc. also plants to divest its franchise in Russia, according to Reuters.