Goldman Continues... JP Morgan Chase Also Withdraws from Russia

[Asia Economy New York=Special Correspondent Joselgina] Following Goldman Sachs, JP Morgan Chase is also withdrawing from the Russian market. The 'Russia boycott' by global companies appears to be spreading to Wall Street as well.

According to CNBC and others, a spokesperson for JP Morgan Chase, the largest bank in the United States by asset size, stated on the 10th (local time), "In accordance with the policies of governments worldwide, we are actively winding down our Russian operations and are not pursuing any new business in Russia."

Currently, JP Morgan Chase's Russia-related activities are limited to managing local employees and handling risk management related to Russia for global clients. The number of employees in Russia is fewer than 200.

This news came shortly after Goldman Sachs announced it would withdraw from the Russian market, becoming the first major global investment bank to do so. In a statement that day, Goldman Sachs said, "We are terminating our business in Russia in accordance with regulatory and licensing requirements." Goldman Sachs is the first major bank representing Wall Street to officially declare the withdrawal of its Russian operations.

There are also expectations that the withdrawal of large financial institutions such as investment banks from Russia will continue following this. Earlier, Citigroup announced that it is supporting the withdrawal of its multinational clients' Russian operations in the US and Europe while simultaneously reassessing the risks of its own Russian business.

In particular, it is evaluated that US companies have a lower proportion of business in Russia compared to European companies, so the burden of withdrawal is not high. Some foreign media also mentioned that due to Western financial sanctions against Russia, including those from the US, it is difficult for overseas institutions to operate in Russia.

This content was produced with the assistance of AI translation services.