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Goldman Sachs is getting out of Russia, is first such bank to do so

Mar 10, 2022, 8:16 AM
Goldman Sachs Ukraine Russia...
The headquarters of Goldman Sachs is pictured on April 17, 2019 in New York City. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE /AFP via Getty Images)
(Photo by JOHANNES EISELE /AFP via Getty Images)
Originally Published: 10 MAR 22 09:40 ET

(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.

Related: US VP Harris supports call for war crimes probe of Russia

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.

Related: Utah Jazz Foundation will fund 32,200 nights of housing for refugees

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.

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Goldman Sachs is getting out of Russia, is first such bank to do so