Major US banks Goldman Sachs and JPMorgan Chase announced on Thursday that they were in the process of divesting their operations in Russia. They are the first major Wall Street establishments to distance themselves from Moscow after the invasion of Ukraine.
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They thus join the exodus of the few American multinationals present in the country, Disney and Kimberly-Clark announcing Thursday to limit their activities in Russia after Apple, ExxonMobil or McDonald’s.
On the financial institution side, Goldman Sachs was the first to announce its intention in the morning, with a spokeswoman indicating in a message that the investment bank would “terminate its activities in Russia in accordance with regulatory and licensing requirements. “.
According to its latest annual report, the firm’s exposure to Russia at the end of 2021 stood at $650 million, the vast majority of which was related to claims from private actors and borrowers. Goldman Sachs does not give more details on the number of employees in the country.
JPMorgan Chase followed a few hours later. “As directed by governments around the world, we are in the process of divesting from our business in Russia and are not seeking new business” in the country, a spokeswoman said. The current activities of the first American bank in terms of assets are “limited”, she specified.
More than 330 companies
Citigroup, which had a total exposure of $9.8 billion to Russia at the end of December, said Wednesday that it “assesses [ses] operations in the country”. The bank announced last year that it was seeking to divest its retail banking operations in Russia.
While waiting to find a buyer or decide to close this activity, “we operate this business on a more limited basis given the current circumstances and obligations,” said Edward Skyler, head of public affairs, in a message.
In total, more than 330 major companies with a significant presence in Russia have announced their withdrawal, according to an inventory maintained by a team at Yale University.
Disney, which had already announced in early March the suspension of the release of its films in cinemas in Russia, indicated on Thursday that it was temporarily ceasing all its activities there, from product licensing to cruises and National magazine. Geographic.
Personal care group Kimberly-Clark said it was suspending all and investment in its Stupino plant, but would continue to sell its products, some essentials like newborn diapers. or sanitary napkins.
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