MONEY TALKS

Wall Street Giant Goldman Sachs ‘Winding Down’ Operations in Russia

A spokeswoman for the bank said, “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market.”

Goldman Sachs announced Thursday that it’s “winding down” business in Russia, becoming the first major Wall Street firm to pull out of Moscow in response to President Vladimir Putin’s invasion of Ukraine. As reported by CNBC, a spokeswoman for the bank said, “We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people.” Though the bank said operations are subsiding to help clients “reduce their risk in Russian securities,” Bloomberg reports that Goldman Sachs will continue to manage some debt security trades associated with Russia.