Solomon said in a Time interview that it is not Wall Street's job to "ostracize Russia" despite growing calls on social media to do so.
I don't think businesses should decide how global trade works. He told Time executive editor John Simons that he agrees with the sanctions placed on Russia following its invasion of Ukraine.
The industry faces both legal and public pressure to sever ties with the country, as Goldman Sachs became the first major bank to announce it was shutting down operations in Russia last week.
JP Morgan said it would be joining the corporate exodus. On Friday,Deutsche Bank reversed course after its CEO received swift backlash for telling employees that a Russian exit wasn't practical and would go against the bank's values.
Solomon was asked if Wall Street should do more to boycott Russia.
Retail giants Starbucks and McDonald's were reluctant to leave Russia because of their responsibility to local employees and customers. Both companies back peddled on their statements and announced they would shut down operations, but continue to pay their Russian staff.
Solomon told Time that the main priority of businesses in Russia is to adhere to sanctions issued by the Biden administration.
The bank said in a statement that it is winding down its business in Russia in compliance with regulatory and licensing requirements.
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