Goldman Sachs said Thursday it was getting out of Russia—the first big U.S. bank to make a move to exit the country after the invasion of Ukraine
Goldman Sachs Group Inc. said Thursday it was getting out of Russia--the first big U.S. bank to make a move to exit the country afterThe Wall Street bank said that it is winding down its business in Russia and that it is focused on helping its clients manage their own exposure or get out of the country.
Last month, the bank said it had only about $1 billion it total exposures to Russia as of the end of the year, with about $650 million in outstanding credits and $415 million in markets. That makes it a relatively small market for the bank, which has $1.46 trillion in assets. Western corporations have been quicker to say they are leaving Russia than banks, which have been juggling trying to serve clients there and preparing to enforce sanctions.
Goldman and other U.S. banks had built their Russian operations after the country’s economic upheaval in 1998, helping Western companies enter the market and Russian companies go global. Goldman said its business there was substantially all with nonstate-owned clients.
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