Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.
Goldman Sachs Group Inc. became the first to announce its withdrawal on Thursday, having already moved some Moscow-based staff to Dubai. JPMorgan Chase & Co. followed suit, saying it is actively unwinding its Russia business and currently engaging in limited activities in the country.
Citigroup Inc.’s roughly 3,000 workers in Russia give it by far the largest presence of any major U.S. bank in that country. It’s operating “on a more limited basis given current circumstances and obligations,” according to a statement Wednesday, and is continuing efforts to exit the business that began before the invasion of Ukraine.
