Goldman Sachs is getting out of Russia, is first such bank to do so
(CNN) — Goldman Sachs is exiting Russia, becoming the first major Wall Street bank to announce plans to do so after the invasion of Ukraine.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman Sachs spokesperson told CNN on Thursday.
The decision by Wall Street’s most influential firm to get out of Russia deals another financial blow to Moscow. News of Goldman’s exit from Russia was previously reported by Bloomberg.
“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,” the Goldman Sachs spokesperson said.
It’s not immediately clear how many people Goldman Sachs employs in Russia nor how much money the firm makes there.
Citigroup confirmed on Wednesday that it is continuing its previously announced efforts to exit its consumer business in Russia. Citi said it is operating that consumer business “on a more limited basis given current circumstances and obligations.”
Citi said it is supporting corporate clients in Russia, including many American and European multinational corporations, as they suspend or unwind their business there.
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.
Today’s Top Stories
- Semifinalists for the new Utah flag design unveiled
- Two-vehicle crash involving a semi closes Highway 138 on Friday
- New fire breaks out on Y Mountain in Provo
- BYU student and youngest-ever Survivor contestant says he’s confident he will win
- Former U.S. Attorney for Utah talks about what FBI can take off your cellphone
- Motorhome crash in Box Elder County claims the life of one person
- Be on lookout for suspicious vehicle in Nephi
- BYU premieres documentary ‘The Black 14: Healing Hearts and Feeding Souls’
- Time Out on the Field
- Home prices in Salt Lake City harbinger of a national trend?