Goldman Sachs to shut down its Russia business
NEW YORK — Goldman Sachs says it is closing its operations in Russia entirely, making it the first major Wall Street bank to do so since Russia invaded Ukraine.
Goldman’s announcement comes after Citigroup said it would start winding down its Russia operations. But that process will likely take longer because Citi operates a consumer banking and business banking division in the country.
Like other Wall Street banks, Goldman operated a small investment banking business in the country for the past few years. The bank said in a statement Thursday it has roughly $650 million in exposure to Russian debt.
Banking is the latest industry to come under pressure to cut its Russian ties due to the war. But unlike companies who make goods that ship to Russia, banks have loans, deposits and existing customer relationships that take time to wind down or sell off.
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