Business

Bankxit? Goldman Sachs, JPMorgan Chase, Deutsche Bank winding down business in Russia

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Goldman Sachs is the first major global investment bank to exit Russia amid the ongoing crisis between the country and Ukraine. On February 24, 2022, Russia started an open military invasion of Ukraine.

On March 10, 2022, Goldman Sachs announced that its decision is in compliance with regulatory and licensing requirements. On the same day, Deutsche Bank chief financial officer James von Moltke explained why it was not practical for the bank to close its business in Russia.

“We’re there to support our clients,” von Moltke told CNBC. “And so, for practical purposes, that isn’t an option that’s available to us nor would it be the right thing to do in terms of managing those client relationships and helping them to manage their situation.”

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Later on March 10, 2022, JPMorgan Chase became the second investment bank to pull out of Russia. On March 8, 2022, the bank announced that it is increasing its commitment to support humanitarian relief efforts in Ukraine to $5 million.

“Our commitment will support a number of organizations working to provide emergency food, housing and medical services to those in need including International Medical Corps, United States Fund for UNICEF and World Central Kitchen,” JPMorgan Chase stated. “Our thoughts remain with the innocent civilians who are suffering, and those individuals and families in neighboring countries and around the world who have been impacted.”

On March 11, 2022, Deutsche Bank announced its plan to shut down its business in Russia. In a statement obtained by CNN, the bank said, “Like some international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations.”

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Goldman Sachs

Founded in 1869 by Marcus Goldman and Samuel Sachs, Goldman Sachs is headquartered in New York City, New York, United States. The bank offers services in prime brokerage, asset management, investment management, investment banking and securities underwriting.

Goldman was born in Trappstadt, Bavaria, Germany and he died in Elberon, New Jersey, USA on July 20, 1904 at the age of 82. Sachs was born in Maryland, USA and he died in New York City on March 2, 1935 at the age of 83.

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JPMorgan Chase

Founded on December 1, 2000, JPMorgan Chase is headquartered in New York City. One of its founders Aaron Burr served as the U.S. vice president from March 4, 1901 to March 4, 1805.

As of September 30, 2021, JPMorgan Chase is the largest bank in the U.S. It is also the largest bank in the world by market capitalization.

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Deutsche Bank

Founded on March 10, 1869, Deutsche Bank is headquartered in Frankfurt, Germany. Since May 21, 2012, Paul Achleitner has been the chairman of the bank’s supervisory board.

On April 8, 2018, Christian Sewing was appointed as the Deutsche Bank chief executive officer. In 2020, the bank ranked as the 21st largest bank in the world by total assets.

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Baguio City, chess and Russia

On September 1, 1909, Baguio was declared as a chartered city. The city hosted the 1978 World Chess Championship between Anatoly Karpov, the defending champion, and Viktor Korchnoi, the challenger, from July 18, 1978 to October 18, 1978.

After 32 games, Karpov won, retaining his title. The victory was amid the martial law in the Philippines that was enacted by the country’s then president Ferdinand Marcos from September 23, 1972 to January 17, 1981.

Karpov is a native of Zlatoust, Russia. Born in Leningrad, Soviet Union, which became Saint Petersburg, Russia in 1992, Korchnoi defected to the Netherlands in 1976 and became a citizen of Switzerland in 1979.

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