Goldman Sachs and JP Morgan Chase are pulling out of Russia, the 1st major Wall Street banks to do so : NPR

https://www.npr.org/2022/03/10/1085699374/goldman-sachs-russia

https://www.bostonglobe.com/2022/03/10/business/big-us-banks-pulling-out-russia/#aoh=16469561226863&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.bostonglobe.com%2F2022%2F03%2F10%2Fbusiness%2Fbig-us-banks-pulling-out-russia%2F

Goldman Sachs Group, Inc. says it’s shuttering its operations in Russia, two weeks after the country first invaded Ukraine.

The move marks Wall Street’s first major departure from Russia, joining a growing list of retailers, oil companies, cultural events and sporting competitions to suspend operations in the country.

Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a 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.”

Bloomberg broke the news on Thursday, days after it reported that a portion of the investment bank’s staff was temporarily relocating from Moscow to Dubai.

Update:

Goldman Sachs and JP Morgan Chase are leaving Russia, becoming the first big US banks to exit the country after Western governments imposed a raft of sanctions intended to cripple the Russian economy

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