Goldman Sachs slashes credit exposure to Russia

(Reuters) -Goldman Sachs Group Inc lowered its whole credit score publicity to Russia to $260 million in March from $650 million on the finish of 2021, the financial institution stated in a regulatory submitting on Monday.

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

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

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

(Reporting by Niket Nishant in Bengaluru; Enhancing by Shounak Dasgupta and Shinjini Ganguli)