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Goldman Sachs first major Wall Street firm to leave Russia

Goldman Sachs is closing business operations in Moscow, making it the first major Wall Street firm to leave Russia after the country’s invasion of Ukraine. “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” a Goldman spokesperson said in a statement to The Post. “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.” Goldman’s credit exposure in Russia is $650 million according to a Bloomberg report — making it the largest US banking presence in the country. Earlier this month, the bank began moving staff based in Moscow to offices in Dubai, the Bloomberg report adds. The company will continue to help clients trade Russian debt, but won’t partake in making trades itself. “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,” a spokesperson added. Many consumer facing brands including McDonalds, Starbucks, Coca Cola, and WeWork have announced their exit from Russia — but banks have been slower to follow suit. On Wednesday, Citigroup said it was reconsidering its presence in the country but has yet to announce it will pull out. Still, some big banking players are staying put. Deutsche Bank, which has been dinged by regulators for multiple global compliance issues related to bribery and money laundering, said it wasn’t “practical” to cease operations with Russia. In an interview with CNBC Thursday, the bank’s CFO said it had a duty to take care of Russian clients.

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