JPMorgan says it’s actively unwinding its Russia business

JPMorgan Chase is actively unwinding its Russia business, joining Goldman Sachs Group in pulling back in response to the country’s invasion of Ukraine last month.

JPMorgan, the biggest U.S. bank, is currently engaging in limited activities, the New York-based company said in a statement Thursday.

“Current activities are limited, including 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,” JPMorgan said in the statement.

Peter Foley/Bloomberg

Goldman was the first of the major Wall Street banks to announce its intention to exit Russia, saying earlier Thursday that it’s winding down business there. The finance-industry titans are joining those in other sectors, including McDonald’s and Coca-Cola, that have already said they’ll halt business operations in the nation as the death toll rises in Ukraine and millions of refugees flee. 

Visa and Mastercard have also suspended their operations in Russia. Each of the credit-card giants gets about 4% of net revenue from businesses linked to the country.

Citigroup’s roughly 3,000 workers there give it by far the largest presence of any major U.S. bank in Russia. The company said Wednesday it’s assessing operations there.