Among the first to talk about leaving Russia after its invasion of Ukraine were Goldman Sachs and JPMorgan Chase. This is reported Reuters.
“Goldman Sachs is withdrawing its business from the Russian Federation in accordance with regulatory and licensing requirements,” the statement said.
Additionally, the banking institution said that they would stop operations “immediately”, and the losses would be “insignificant”. According to them, at the end of 2021, Goldman’s total credit risk in Russia was $650 million. Most of the amount was accounted for by non-government counterparties or borrowers.
Prior to this, the bank moved to Dubai about half of the employees of the Moscow office (approximately 80 people).
There was also a statement from the largest US bank in terms of assets, JPMorgan:
“In accordance with the directives of governments around the world, we are actively winding down Russian business and not engaging in any new activities in the country.”
In 2021, the company received an income of $32.8 million from operations in the Russian Federation, second only to MTB Capital.