Goldman, JPMorgan unwind Russia business, EU banks disclose more exposures

Goldman Sachs, which has a credit exposure to Russia of $650 million, said on Thursday it was winding down its business there, in a move that will likely increase pressure on rival lenders to follow. Any losses would be "immaterial," according to a source familiar with the situation.

Just hours later, JPMorgan said it was "actively unwinding Russian business" and was not pursuing any new business there.The largest U.S. bank said its operations in Russia are currently limited to helping global clients address and close out pre-existing obligations and manage their Russian-related risk, as well acting as a custodian for client assets.JPMorgan has about 160 staff in Moscow.

Western companies have pulled out of Russia en masse as the United States, European Union and Britain imposed sanctions aimed at cutting off Moscow's access to the global financial system in response to its Ukraine invasion. Banks, insurers and asset managers, which rarely make political statements, have scrambled to distance themselves from Russia and assess their exposures, as the conflict enters its third week.

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