Citigroup Stock News

Goldman Sachs and JPMorgan Chase are folding up their businesses in Russia as Wall Street banks follow western companies in withdrawing because of Moscow’s invasion of Ukraine. Hundreds of concerns have already curtailed activities in Russia including tech groups, food suppliers, accounting firms and energy producers. Goldman on Thursday disclosed plans to pull out of the country. JPMorgan, the largest US bank by assets, followed hours later. Both said they were acting in compliance with government instructions. Goldman has had a presence in Russia since 1998. Despite its decades there, the country makes up a small fraction of Goldman’s $2.8tn in assets and liabilities, with the bank disclosing last month that its exposure to credit losses in Russia was $650mn and its total market exposure was $414mn as of December. The New-York based bank, which employs close to 100 people in Russia where it has offered investment banking services, did not give a timeframe for when it would complete the wind-down. “In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia,” JP Morgan said. “Current activities are limited, including helping global clients address and closeout pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; taking care of our employees,” the bank added.

Russia's unilateral aggression in Ukraine has drawn the ire of people from all quarters. Condemning the action, Western nations have imposed sanctions against Russia, and several high-profile companie

There will likely be a snag in Citi's (C) sale of its consumer banking unit in Russia on grounds of the escalated geopolitical tension surrounding the country's conflict with Ukraine.

The fintech projected 48% to 50% first quarter revenue growth and will team up with Citigroup to make corporate credit cards available in digital wallets.

Goldman Becomes First Major Bank To Abandon Russia Earlier this month, Goldman Sachs began moving some of its Moscow-based employees to Dubai, following requests by some to be relocated; but now, the bank has become the first Wall Street firm to announce it plans to close all of its operations in Russia . Bloomberg reports that the company said Thursday in an emailed statement: “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements. We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.” The closing of the office is more symbolic than anything else as Bloomberg notes that at the end of 2021, the firm’s total credit exposure to Russia was $650 million, most of which was tied to non-sovereign counterparties or borrowers. Additionally, Goldman will continue to make markets in Russian corporate debt but will not take positions.

During the recent session, Citigroup Inc. (NYSE:C)’s traded shares were 7.82 million, with the beta value of the company hitting 1.70. At the last check today, the stock’s price was $54.74, reflecting an intraday loss of -2.16% or -$1.21. The 52-week high for the C share is $80.29, that puts it down -46.68 from that … Citigroup Inc. (NYSE: C) Rose 1.22% From Its 52-Week Low; YTD Numbers Fall -7.35% – Here Are Some Things To Keep In Mind Read More »

Deutsche Bank (DB) limits its exposure to Russia and Ukraine to avoid major impacts to its financials.

By Niket Nishant and Matt Scuffham (Reuters) - Goldman Sachs Group Inc said on Thursday it was closing its operations in Russia, becoming the first major Wall Street bank to exit the country following Moscow''s invasion of Ukraine. Operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia. "Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said in an emailed statement. A source familiar with the situation said Goldman would wind down the operations rather than exit them immediately. The loss due to the exit would be immaterial, the source said. In its annual filing earlier, the bank had disclosed a credit exposure to Russia of $650 million. Bank of International Settlements data shows that U.S. bank exposure to Russia totals $14.7 billion. Citigroup Inc said on Wednesday it was operating its Russian consumer business on a more limited basis while sticking with its previous plans to divest the franchise.

Citigroup Inc. said late Wednesday it''s operating its consumer banking business in Russia "on a more limited basis given current circumstances and obligations" as it pursues previously announced plans to exit the business. The bank said it''s supporting its corporate clients in Russia including American and European multi-national corporations as they suspend or unwind their businesses. "With the Russian economy in the process of being disconnected from the global financial system as a consequence of the invasion, we continue to assess our operations in the country," according to a statement from the bank. The loss of life in Ukraine is "utterly heartbreaking" said Citi. Citi has donated $1 million from its foundation to relief organizations and said it will now match contributions from Citi colleagues in an effort that could generate $500,00 in donations. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

"This Is Absurd" - Wall Street Pushes For Defense Stocks To Get ''ESG'' Label There''s little doubt that the growing influence of ''ESG'' investing helped lead Western Europe to its present unfavorable position, allowing Russia to dominate the energy space. But going forward, a handful of Wall Street analysts are contemplating another ''ESG'' revamp: allowing "military weapons" and "defense" stocks to be considered "ESG" plays. If you are thinking that this seems a little, well, off, don''t worry - you''re not alone. One prominent ESG investor said he was approached about the possibility last week, but he called the idea "absurd", according to NYT. Leslie Samuelrich, president of the Green Century Funds, which was founded by nonprofit groups, including the California Public Interest Research Group and the Citizen Lobby of New Jersey, was appalled by the notion. "This is absurd,” she said. “It feels very opportunistic and shallow." She added that Ukraine needed to be defended. "I’m part Ukrainian,” she said. “Of course, they need weapons." But she said that had nothing to do with investing in funds devoted to socially responsible investing. "Those who argue that weapons belong in a sustainable portfolio are capitalizing on the horrific attack," she said. “Excluding military and civilian firearms has been a long-held screen by authentic responsible investors.” Among the idea''s biggest supporters are two Citigroup analysts, who recently published research advocating the notion.

NEW YORK (Reuters) – Citigroup Inc said on Wednesday it is operating its Russian consumer business on a more limited basis following the country’s invasion of Ukraine, while sticking with its previous plans to divest the franchise.

Citigroup Inc said on Wednesday it is operating its Russian consumer business on a more limited basis following the country''s invasion of Ukraine, while sticking with its previous plans to divest the franchise.