Citigroup Stock News

Citigroup''s (C) Co-head of Digital Assets, Alex Kriete, said Thursday he is leaving the commercial bank to start a new business in the decentralized space. Kriete spent less than a year…

The flow of U.S. companies exiting Russia has intensified as President Vladimir Putin’s military continues to lay waste to Ukraine. But while more than 300 major companies have pulled the plug on their Russia-based endeavors, data compiled by the Yale School of Management finds more than a few prominent corporations still in Russia. Since Benzinga first reported earlier this week on 10 major corporations doing business in Russia, eight of them have pulled out. For your consideration, here are 10 more U.S. companies that chose to remain active in Russia. Abbott Laboratories (NYSE: ABT ): The Chicago-headquartered pharmaceutical company is remaining in Russia because, according to External Communications Divisional Vice President Scott Stoffel , “As a health care company, we have an important purpose, which is why at this time we continue to serve people in all countries in which we operate who depend on us for essential products, some life-sustaining.” Cargill Inc.: This privately-held Minnesota-based agribusiness corporation announced Friday it would stop investments and scale back business activities in Russia, but offered no specifics. "We will continue to operate our essential food and feed facilities in Russia," the company said in a statement. "This region plays a significant role in our global food system and is a critical source for key ingredients in basic staples like bread, infant formula and cereal." Citigroup Inc (NYSE: C ): This financial institution was trying …

NEW YORK, United States: US investment bank Goldman Sachs on Thursday (Friday in Manila) announced it would pull out of Russia, becoming the first Wall Street institution to distance itself from Moscow after its invasion of Ukraine. "Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," a spokesman for the company said. "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." According to its latest annual report, the firm''s exposure to Russia stood at $650 million at the end of 2021, with the vast majority tied to claims by private actors and borrowers. Goldman Sachs did not give details about the number of employees working in the country. Citigroup, another major US bank which had a total exposure to Russia of $9.8 billion as of the end of December, said they were "assessing their options" in the country. Last year, Citigroup announced it would seek to sell its retail banking operations in Russia.

Goldman and JPMorgan Chase join other multinationals pulling out of Russia amid a reboot of financial markets and an effort to isolate the country's banks.

Mike Saraceni, who leads investor sales and relationship management for North America, will serve as interim head of the region

Dan Keegan is leaving Citigroup to start an investment fund focused on financial-technology companies.

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.