-Goldman Sachs Group Inc mentioned on Thursday it lowered its credit score publicity to Russia by 9% to $205 million within the third quarter, in accordance with a quarterly submitting.
U.S. banks have wound down their publicity to Russia after it invaded Ukraine earlier this 12 months. In August, Citigroup Inc mentioned it would shut its client and industrial banking companies in Russia beginning within the third quarter and mentioned it anticipated to incur about $170 million in expenses over the subsequent 18 months in consequence.
Goldman Sachs additionally put aside $2.3 billion for potential authorized prices, $300 million greater than within the second quarter, in accordance with the submitting. The reserves can cowl any judicial regulatory and arbitration proceedings, a lot of that are in early phases and search “an indeterminate quantity of damages,” it mentioned.
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