Goldman Sachs becomes first Wall St. firm to exit Russia

Goldman Sachs has become the first Wall Street firm to suspend its operations in Russia following the country's invasion of Ukraine. 

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"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank told FOX Business in a statement. "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."

Ticker	Security	Last	Change	Change %
GS	THE GOLDMAN SACHS GROUP INC.	593.54	+4.93	+0.84%

As of December 2021, Goldman Sach's total credit exposure in Russia was $650 million and its total market exposure was $414 million, according to a recent 10-K filing. Meanwhile, its market exposure in Ukraine was $236 million as of December 2021, while its credit exposure in the country was "not material." 

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A spokesperson for JPMorgan Chase told FOX Business that it has been "actively unwinding Russian business and have not been pursuing any new business in Russia" in compliance with directives by governments around the world. 

"Current activities are limited, including helping global clients address and close out pre-existing obligations; managing their Russia-related risk; acting as a custodian to our clients; and taking care of our employees," the bank added. Russia is not listed among JPMorgan's top 20 largest exposures outside the United States, according to its most recent annual filing.  

Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	245.33	+3.40	+1.41%

The firm previously announced a commitment of up to $5 million to support humanitarian relief efforts including an employee contribution match. The commitment supports organizations providing emergency food, housing and medical services to those in need.

Ticker	Security	Last	Change	Change %
C	CITIGROUP INC.	68.76	+0.61	+0.90%

Citigroup, which did not immediately return FOX Business' request for comment, disclosed plans last year to pursue exits from its consumer franchises in 13 markets, including Russia. The bank had approximately $9.8 billion in exposure to Russia as of the end of 2021, according to a recent filing.  

Ticker	Security	Last	Change	Change %
CS	NO DATA AVAILABLE	-	-	-
BAC	BANK OF AMERICA CORP.	46.75	+0.85	+1.85%
WFC	WELLS FARGO & CO.	74.34	+1.54	+2.12%
MS	MORGAN STANLEY	134.06	+1.63	+1.23%

Credit Suisse, which declined to comment, had gross exposure to Russia of 1.6 billion Swiss francs ($1.73 billion), according to its annual report. Bank of America, Wells Fargo and Morgan Stanley did not disclose their Russia exposure in their most recent annual filings.

Ticker	Security	Last	Change	Change %
BLK	BLACKROCK INC.	1,047.37	+0.29	+0.03%

BlackRock CEO Larry Fink said in a LinkedIn post last week that the company has suspended the purchase of all Russian securities in its active and index funds and has "proactively advocated" with its index providers to remove Russian securities from broad-based indices. He noted that Russian securities account for less than 0.01% of BlackRock clients’ assets, with the majority in index portfolios.

Ticker	Security	Last	Change	Change %
V	VISA INC.	309.64	+1.39	+0.45%
MA	MASTERCARD INC.	521.76	+1.36	+0.26%
AXP	AMERICAN EXPRESS CO.	286.81	-1.49	-0.52%
PYPL	PAYPAL HOLDINGS INC.	85.83	+0.04	+0.05%

Financial service companies that have suspended operations in Russia include Visa, Mastercard, American Express, and PayPal.