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Goldman Sachs to become first major Wall Street bank to leave Russia

Goldman Sachs Results
Posted at 11:06 AM, Mar 10, 2022
and last updated 2022-03-10 11:06:46-05

Goldman Sachs is stopping business in Russia, becoming the first major Wall Street bank to leave the country over its invasion of Ukraine.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," a Goldman Sachs spokesperson said in a statement, according to CNBC.

The decision by Goldman Sachs comes as numerous major American companies stop doing business in Russia.

This week, McDonald's, Starbucks and Coca-Cola announced they were pausing operations in the country.

Citigroup Inc. said on Wednesday that it is operating on a limited basis in Russia and is still panning to divest its franchise in the country, Reuters reported.

Since Russia's invasion of Ukraine, more than 300 companies have stopped doing business in Russia, according to the Yale School of Management.