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Most big U.S. banks had modest operations in Russia, a geographically large nation with a relatively small economy. Citigroup had the biggest exposure as of year-end 2021 at $9.8b, according to filings. Goldman was estimated to have $940m in total exposure, including $650m in credit, or less than 10 basis points of its total assets, according to Bank of America analysts.
“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” said a bank spokeswoman. “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.”
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