Goldman Sachs Group Inc and JPMorgan Chase & Co announced they were unwinding their Russian businesses, becoming the first major U.S. banks to exit Russia.
Operating in Russia has become harder for Western financial institutions due to international sanctions against that country.
"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said in an emailed statement.
JPM said in a statement: "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."
Current activities are limited, and it is helping global clients address and close out pre-existing obligations, manage Russian-related risk, act as a custodian to clients and take care of employees, JPM said.
Goldman will wind down the operations rather than exit them immediately and any losses would be "immaterial," according to a source familiar with the situation, speaking on condition of anonymity.
