Exodus From Russia Now Includes Wall Street Banks

Goldman Sachs is first to make the move
By John Johnson,  Newser Staff
Posted Mar 10, 2022 9:50 AM CST
First Major Wall Street Bank Pulls Out of Russia
Then-Russian President Dmitry Medvedev, left, shakes hands with then-Goldman Sachs CEO Lloyd Blankfein during a 2011 meeting in Moscow.   (AP Photo/RIA Novosti, Vladimir Rodionov, Presidential Press Service)

Another financial shot to Russia: Goldman Sachs on Thursday became the first major Wall Street bank to pull out of the nation since the invasion of Ukraine, reports NPR. It's a sign of the increasing economic isolation being imposed on Moscow by the West, though CNBC describes US banking operations in Russia as "modest" in general. Citigroup has the most exposure at $9.8 billion, more than Goldman Sachs' $940 million, per the outlet. Bloomberg had previously reported that Goldman already had begun moving some of its investment employees in Moscow to Dubai.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the company said a statement on Tuesday. "We are focused on supporting our clients across the globe in managing or closing out preexisting obligations in the market and ensuring the well-being of our people." The move comes after another business behemoth, McDonald's, announced earlier this week that it was at least temporarily closing its 800-plus restaurants in Russia. (More Goldman Sachs stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.