$ 82,056.7
$ 1,817.60
$ 0.6442
$ 596.38
$ 123.95
Mar 10, 2022
Goldman Becomes First Major Bank To Abandon Russia
Goldman Sachs began relocating some of its Moscow-based staff to Dubai earlier this month, following requests from some employees; nevertheless, the bank has now become the first Wall Street corporation to say it will liquidate all of its operations in Russia.
According to Bloomberg, the business said in an emailed statement on Thursday:
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements. We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”
The office's closure is more symbolic than anything else, according to Bloomberg, since the firm's overall credit exposure to Russia was $650 million at the end of 2021, the majority of which was connected to non-sovereign counterparties or borrowers.
Goldman will also continue to develop markets in Russian corporate debt, but will not take positions.
“In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate.”
Goldman isn't expected to be the last, as Citi has already stated that it is 'assessing activities' in Russia.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.