Goldman Sachs is shutting down operations in Russia approximately two weeks after the start of a Moscow-led invasion of Ukraine, the company announced Thursday, per NPR.
The departure marks Wall Street's first big exit from Russia, and arrives after a number of other large companies and retailers decided similarly.
"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," a company spokesperson told NPR in a 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."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Goldman "was estimated to have $940 million in total exposure" in Russia, "including $650 million in credit, or less than 10 basis points of its total assets, according to Bank of America analysts," CNBC reports.
Though the bank is halting operations in Russia, "the firm is still trading corporate debt tied to the country without the bank itself making wagers on price movements," adds Bloomberg, who first broke the withdrawal news.
-
August 9 editorial cartoonsCartoons Saturday's political cartoons include snake oil salesmen, Ghislaine Maxwell's new residence, and more
-
5 hastily redrawn cartoons about redistrictingCartoons Artists take on Donald Trump's draughtsmanship, the White House ballroom, and more
-
Bonnie Blue: taking clickbait to extremesTalking Point Channel 4 claims documentary on the adult performer's attention-grabbing sex stunts is opening up a debate
-
The secret lives of Russian saboteursUnder The Radar Moscow is recruiting criminal agents to sow chaos and fear among its enemies
-
Is the 'coalition of the willing' going to work?Today's Big Question PM's proposal for UK/French-led peacekeeping force in Ukraine provokes 'hostility' in Moscow and 'derision' in Washington
-
Ukraine: where do Trump's loyalties really lie?Today's Big Question 'Extraordinary pivot' by US president – driven by personal, ideological and strategic factors – has 'upended decades of hawkish foreign policy toward Russia'
-
What will Trump-Putin Ukraine peace deal look like?Today's Big Question US president 'blindsides' European and UK leaders, indicating Ukraine must concede seized territory and forget about Nato membership
-
Ukraine's disappearing armyUnder the Radar Every day unwilling conscripts and disillusioned veterans are fleeing the front
-
Cuba's mercenaries fighting against UkraineThe Explainer Young men lured by high salaries and Russian citizenship to enlist for a year are now trapped on front lines of war indefinitely
-
Ukraine-Russia: are both sides readying for nuclear war?Today's Big Question Putin changes doctrine to lower threshold for atomic weapons after Ukraine strikes with Western missiles
-
What would happen if Russia declared war on Nato?In depth Response to an attack on UK or other Western allies would be 'overwhelming'
