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Goldman Sachs slashes credit exposure to Russia
Global Banking & Finance Review®
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(Reuters) -Goldman Sachs Group Inc reduced its total credit exposure to Russia to $260 million in March from $650 million at the end of 2021, the bank said in a regulatory filing on Monday.
(Reuters) -Goldman Sachs Group Inc reduced its total credit exposure to Russia to $260 million in March from $650 million at the end of 2021, the bank said in a regulatory filing on Monday.
The bank said market exposure tied to Russia and total exposure to Ukraine were not material.
In March, Goldman Sachs became the first major U.S. bank to announce it was retreating from Russia after the country invaded Ukraine.
In a post-earnings call last month, Goldman Sachs Chief Executive Officer David Solomon said the Ukraine conflict had resulted in a net loss of $300 million for the bank in the first quarter.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and Shinjini Ganguli)
Credit exposure refers to the potential financial loss a lender may face if a borrower defaults on a loan. It is a critical measure for banks to assess the risk associated with lending activities.
Investment banking is a segment of the banking industry that helps companies raise capital by underwriting and issuing securities. It also provides advisory services for mergers and acquisitions.
Risk management is the process of identifying, assessing, and controlling threats to an organization's capital and earnings. It involves strategies to minimize financial losses.
A financial crisis is a situation where the value of financial institutions or assets drops significantly. It often leads to widespread economic disruption and can result from various factors, including market crashes.
Foreign currency exposure refers to the risk that a company's financial performance will be affected by fluctuations in exchange rates. It is particularly relevant for businesses engaged in international trade.
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