As a result of Russia’s aggression against Ukraine, Goldman Sachs is moving some of its Moscow-based employees to the United Arab Emirates, according to multiple news outlets.
Some employees of the Wall Street powerhouse will be sent to Dubai. It is an important financial center in the Middle East. As the Ukraine crisis enters its second week, foreign firms have reevaluated their Russian activities.
The Goldman Sachs Group, Inc. is a multinational investment bank and financial services firm centered in New York City. As of 2021, Goldman Sachs employed about 40,500 individuals and had total assets of $1.2 trillion.
Goldman Sachs Asked to Leave Russia
This week, Georgy Egorov, a former Goldman Sachs banker, released an open letter to the company’s CEO David Solomon. In order to be on the right side of history, he pushes the bank to depart Russia and move staff.
Goldman should “stop all business in Russia as a show of defiance,” according to Egorov, who was born in Russia. He also wants them to embrace international sanctions against a “criminal dictatorship,” as he defined it.
Heavy international sanctions imposed on Russia, sending its economy into a tailspin. It is the result of a coordinated international attempt to isolate Moscow following President Vladimir Putin’s invasion of Ukraine.
Banks Pressured to Stop Operation with Russia
As a result of this development, British lawmakers are pressuring multinational banks to stop providing services in Moscow. After activists accused them of “quietly benefiting” from their Russian dealings while other industries distance themselves from the nation, they backed down.
HSBC, JP Morgan, Deutsche Bank, and Credit Suisse are among Moscow’s top lenders. Thousands of individuals work for them, providing banking services to huge corporations and rich clientele doing business in Russia.
Earlier this week, Goldman Sachs Asset Management cut its exposure to Russia in its GQG foreign stocks fund to roughly $222 million. It was down from $1.7 billion just six months ago.
In response to Russia’s atrocities in Ukraine, Netflix, American Express, and two major accounting firms cut ties with the country on Monday.
Dubai is recognized as one of the few prosperous cities in the world with a pro-Russian leadership.
The United Arab Emirates voted against a UN Security Council resolution criticizing Moscow’s invasion of Ukraine last month.
Goldman Sachs: Bitcoin Bull
Bitcoin currently maintains a 20% share of the “store of value” market, according to Goldman Sachs.
Gold hit a crucial level of $2,000 per ounce on Monday. Goldman Sachs analyst Zach Pandl predicts Bitcoin can reach $100,000 in the coming years.
According to Coingecko’s monitoring, bitcoin valued at $38,181.82 on Monday. The cryptocurrency has lost 3.5 percent in the last 24 hours.
