Finance

Goldman Sachs slashes credit exposure to Russia

The Goldman Sachs firm emblem is on the ground of the New York Inventory Change (NYSE) in New York Metropolis, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Picture

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Might 2 (Reuters) – Goldman Sachs Group Inc (GS.N) diminished its whole credit score publicity to Russia to $260 million in March from $650 million on the finish of 2021, the financial institution mentioned in a regulatory submitting on Monday.

The financial institution mentioned market publicity tied to Russia and whole publicity to Ukraine weren’t materials.

In March, Goldman Sachs grew to become the primary main U.S. financial institution to announce it was retreating from Russia after the nation invaded Ukraine. learn extra

In a post-earnings name final month, Goldman Sachs Chief Government Officer David Solomon mentioned the Ukraine battle had resulted in a internet lack of $300 million for the financial institution within the first quarter.

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Reporting by Niket Nishant in Bengaluru; Modifying by Shounak Dasgupta and Shinjini Ganguli

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