JPMorgan Chase, the most important U.S. financial institution by belongings, is stepping away from Russia.
“In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia,” firm spokeswoman Tasha Pelio mentioned in an e-mail.
The financial institution’s dealings associated to Russia have been “limited” to “helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees,” she added.
The Russian invasion of Ukraine has prompted international expertise, funds and retail firms to recoil from Russia amid U.S. sanctions geared toward making use of stress on the nation. JPMorgan’s transfer, reported earlier by Bloomberg, follows the announcement earlier Thursday that Goldman Sachs was exiting its Russia business.
The financial institution has below 200 workers within the area, working principally within the agency’s company and funding financial institution, in response to the corporate.