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.
While the Ukraine crisis enters its second week, the Wall Street powerhouse is relocating some of its staff to Dubai, a crucial financial hub in the Middle East, as global firms reassess their Russian activities.
The Goldman Sachs Group, Inc. is a multinational investment bank and financial services firm centred in New York City.
As of 2021, Goldman Sachs employed about 40,500 individuals and had total assets of $1.2 trillion.
Goldman Sachs is being urged to abandon Russia.
Former Goldman Sachs banker Georgy Egorov wrote an open letter to the company’s CEO David Solomon this week, urging the bank to leave Russia and restructure its workforce to be “on the right side of history.”
Egorov, a Russian native, said that Goldman should “show defiance” by suspending all activities in Russia and joining international sanctions against what he called a “criminal regime.”
Heavy international sanctions have been imposed on Russia, sending its economy into a tailspin as a result of a coordinated global campaign to isolate Moscow in the aftermath of President Vladimir Putin’s invasion of Ukraine.
Banks are being pressured by British MPs to halt Russian operations.
As a result of this scenario, British lawmakers are pressuring large banks to stop providing services in Moscow, after campaigners accused them of “quietly benefiting” from their Russian activities while other industries distance themselves from the nation.
HSBC, JP Morgan, Deutsche Bank, and Credit Suisse, among Moscow’s top lenders, employ thousands of people to provide banking services to large companies and rich individuals doing business in Russia.
Earlier this week, Goldman Sachs Asset Management decreased its exposure to Russia in its GQG foreign equities fund to roughly $222 million, down from around $1.7 billion 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 a Russia-friendly city.
Dubai is recognised 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 criticising Moscow’s invasion of Ukraine last month.
Goldman Sachs is a Bitcoin bull.
Bitcoin currently maintains a 20% share of the “store of value” market, according to Goldman Sachs.
With gold hitting a crucial level of $2,000 per ounce on Monday, Goldman Sachs analyst Zach Pandl believes Bitcoin can reach $100,000 in the coming years.
On Monday, the price of bitcoin was $38,181.82. The cryptocurrency has lost 3.5 percent in the last 24 hours.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.