Wall Street’s very own Goldman Sachs & JPMorgan have become the next set of major corporations pulling out of Russia.
Western financial institutions have found it increasingly difficult to do business in Russia after numerous economic sanctions hit it.
Both exits will happen gradually, as the two banking giants plan to unwind operations before exiting
Just the beginning?
Other financial institutions are looking to head for the door including the Western Union Company.
However, one major U.S. bank finds itself in a more challenging position: Citigroup. Citi’s Russian exposure is around $10 billion, more than any other U.S. bank. The group’s CFO said that in a “severe stress scenario”, the bank could suffer a $5 billion loss.