Goldman Sachs cuts credit exposure to Russia
Reuters
Published Nov 03, 2022 06:26AM ET
Updated Nov 03, 2022 05:21PM ET
(Reuters) -Goldman Sachs Group Inc said on Thursday it reduced its credit exposure to Russia by 9% to $205 million in the third quarter, according to a quarterly filing.
U.S. banks have wound down their exposure to Russia after it invaded Ukraine earlier this year. In August, Citigroup Inc (NYSE:C) said it will close its consumer and commercial banking businesses in Russia starting in the third quarter and said it expected to incur about $170 million in charges over the next 18 months as a result.
Goldman Sachs (NYSE:GS) also set aside $2.3 billion for potential legal costs, $300 million more than in the second quarter, according to the filing. The reserves can cover any judicial regulatory and arbitration proceedings, many of which are in early stages and seek "an indeterminate amount of damages," it said.
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Written By: Reuters
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