Goldman Sachs now 1st major Wall Street bank to exit Russia
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."
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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.
