In response to Russia's invasion of Ukraine and related sanctions, many international firms are exiting Russia. But Switzerland's biggest banks are keeping their plans to themselves.
J.P. Morgan and Goldman Sachs are the latest banks to pull out of Russia, as reported by the «Financial Times» (behind paywall) Friday. J.P. Morgan has under 200 employees in Russia, who mainly work in corporate and investment banking, and is in the process of winding down its operations «in compliance with directives by governments around the world» it said.
Goldman Sachs employs around 100 people in Russia some of which were already on their way to Dubai, the bank said.
Exposure Levels
Credit Suisse, which has 125 employees in wealth management and investment banking, and UBS with its workforce of 50 people in Russia, have not made statements in this regard so far.
Goldman Sachs has a credit exposure of $650 million to Russia, while UBS's direct risk exposure was at $634million at the end of 2021, the report said. Credit Suisse, recently reported having 848 million francs ($914 million) of exposure to the country.
