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.The post Goldman Becomes First Major Bank To Abandon Russia appeared first on Cryptoknowmics-Crypto News and Media Platform.