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."
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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
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
By Harriet Marsden, The Week UK Published
-
What happens if Russia declares war on Nato?
Today's Big Question Fears are growing after Vladimir Putin's 'unusually specific warning' to Western governments
By Chas Newkey-Burden, The Week UK Published
-
Are Ukraine's F-16 fighter jets too little too late?
Today's Big Question US-made aircraft are 'significant improvement' on Soviet-era weaponry but long delay and lack of trained pilots could undo advantage against Russia
By Harriet Marsden, The Week UK Published
-
Ukraine's stolen children
Under the Radar Officially 20,000 children have been detained since Russia's invasion in 2022, but the true number is likely to be far higher
By Harriet Marsden, The Week UK Published
-
A brief timeline of Russia's war in Ukraine
In Depth How the Kremlin's plan for a quick conquest turned into a quagmire
By Peter Weber, The Week US Published
-
Why is Ukraine backing far-right militias in Russia?
Today's Big Question The role of the fighters is a 'double-edged sword' for Kyiv, say commentators
By The Week UK Published
-
What does victory now look like for Ukraine?
Today's Big Question Not losing is as important as winning as the tide turns in Russia's favour again
By Elliott Goat, The Week UK Published
-
British warship repels 'largest Houthi attack to date' in the Red Sea
Speed read Western allies warn of military response to Iranian-backed Yemeni rebels if attacks on ships continue
By Richard Windsor, The Week UK Published