Goldman Sachs shutters Russia business, first major Wall Street bank to leave after Ukraine war

One of the first major global investment banks to leave Russia is Goldman Sachs.

The bank said in an e-mailed statement that it is shutting down operations in Russia.

The bank is winding down its business in Russia in compliance with regulatory and licensing requirements.

Most big U.S. banks had modest operations in Russia. Citigroup had the biggest exposure as of the end of the year. Bank of America analysts estimated that Goldman had $940 million in total exposure, including $650 million in credit, or less than 10 basis points of its total assets.

Goldman still facilitates trades in debt securities tied to the nation even though it is shutting down its operations in Russia, according to a report.

In our role as market-maker standing between buyers and sellers, we are helping our clients reduce their risk in Russian securities which trade in the secondary market, not seeking to speculate.

Jim Forkin reported from CNBC.