Finance

JPMorgan is winding down its Russia operations amid widening business exodus over Ukraine war

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JP Morgan CEO Jamie Dimon listens as he is introduced at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021.
Brian Snyder | Reuters

JPMorgan Chase, the biggest U.S. bank by assets, is stepping away from Russia.

“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,” company spokeswoman Tasha Pelio said in an email.

The bank’s dealings related to Russia were “limited” to “helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees,” she added.

The Russian invasion of Ukraine has prompted global technology, payments and retail companies to recoil from Russia amid U.S. sanctions aimed at applying economic pressure on the country. JPMorgan’s move, reported earlier by Bloomberg, follows the announcement earlier Thursday that Goldman Sachs was exiting its business in the country.

JPMorgan has fewer than 200 employees in Russia, working mostly in the firm’s corporate and investment bank, according to the company.

Watch: PIMCO stands to lose billions if Russia defaults on its debt

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