NEW YORK – Major U.S. banks have started announcing plans to wind down operations in Russia in the wake of its invasion of Ukraine and retaliatory sanctions.
On Thursday, Goldman Sachs Group Inc and JPMorgan Chase & Co said they were unwinding their Russian businesses.
On Wednesday, Citigroup Inc said it was operating its Russian consumer business on a more limited basis while sticking with its previous plans to divest the franchise.
U.S. bank exposure totals $14.7 billion, according to Bank of International Settlements data.
For a story about the U.S. banks investment banking businesses in Russia:
For an explainer about how much global banks are exposed to Russia:
Here are some quick facts about the U.S. banks in Russia:
JPMORGAN CHASE & CO
JPMorgan has about 160 staff in Moscow.
JPMorgan generated the second-biggest investment fees in Russia in 2021 with $32.8 million, according to Refinitiv data.
The bank did not list Russia in the top 20 countries where it had the most exposure in its most recent filings.
GOLDMAN SACHS GROUP INC
Goldman Sachs had around 80 staff in Moscow while about half those have moved or are moving to Dubai, three sources familiar with the matter said.
Goldman Sachs generated the seventh-biggest investment fees in 2021, generating $19.5 million.
Goldman Sachs reported $293 million in net exposure to Russia, as well as a total of $414 million of market exposure as of December 2021.
CITIGROUP
Citi has not disclosed staff numbers in Russia. It operates a retail bank in the country.
Citi said last week its total exposure to Russia amounted to nearly $10 billion and it was working to bring it down.
That comprises third-party exposures worth $8.2 billion, including $1.0 billion in cash at the Bank of Russia and other financial institutions and $1.8 billion of reverse repos. Citi also has $1.6 billion of exposures to additional Russian counterparties outside of its Russian subsidiary.
Citigroup generated the fifth biggest investment fees in 2021 with $22.8 million.
MORGAN STANLEY
Morgan Stanley has not disclosed staff numbers in Russia or exposure.
Morgan Stanley generated the fourth-biggest investment fees, generating $27.3 million.
(Compiled by Megan Davies; Editing by Stephen Coates)
