Goldman Sachs has become the first major Wall Street bank to announce it is pulling out of Russia.
Companies in a variety of industries have been pulling out of Russia, or suspending operations within the country, in response to its invasion of Ukraine. As the invasion continues, more and more companies are taking a stand, and Goldman Sachs is the first major Wall Street bank to do so.
According to Bloomberg, Goldman Sachs doesn’t do a tremendous amount of business in the country, although it has maintained a presence for several years.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the company said in an emailed 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.”