“Goldman Sachs is winding down its enterprise in Russia in compliance with regulatory and licensing necessities,” a Goldman Sachs spokesperson instructed CNN on Thursday.
The choice by Wall Road’s most influential agency to get out of Russia offers one other monetary blow to Moscow. Information of Goldman’s exit from Russia was beforehand reported by Bloomberg.
“We’re targeted on supporting our shoppers throughout the globe in managing or closing out pre-existing obligations available in the market and guaranteeing the wellbeing of our folks,” the Goldman Sachs spokesperson mentioned.
Goldman Sachs didn’t element the price of its exit from Russia, although it isn’t prone to be massive relative to the scale of the financial institution.
As of the tip of final 12 months, Goldman Sachs had total credit exposure to Russia of $650 million, the financial institution mentioned late final month in filings. After accounting for collateral and different measures, Goldman’s internet credit score publicity was simply $293 million on the finish of final 12 months. Goldman Sachs mentioned its whole market publicity to Russia as of the tip of final 12 months stood at $414 million.
Goldman Sachs (GS) employs about 80 folks in Russia, an individual conversant in the matter instructed CNN.
Citigroup confirmed on Wednesday that it’s persevering with its beforehand introduced efforts to exit its client enterprise in Russia. Citi mentioned it’s working that client enterprise “on a extra restricted foundation given present circumstances and obligations.”
Citi mentioned it’s supporting company shoppers in Russia, together with many American and European multinational companies, as they droop or unwind their enterprise there.