International banking

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.

Germany has emerged as the main roadblock to broaden European Union sanctions against Russia by targeting the country’s biggest bank and its energy sector. 

Sberbank said it’s looking at the possibility of issuing cards using the Russian payments system Mir and China’s UnionPay after Visa and Mastercard suspended operations following the invasion of Ukraine. 

A portion of Goldman Sachs Group’s Russia staff is relocating out of the country as firms react to a global effort to shut off the Russian economy after the invasion of Ukraine.

Citigroup said it’s helping some of its workers in Ukraine seek refuge in Poland and sending advances on pay to help them contend with the Russian invasion.

Mastercard said it got about 4% of its net revenues last year from business linked to Russia, as Western nations level sanctions against the country for its invasion of Ukraine.

Marquette University has formed a partnership that will give undergraduate business students experience working with grassroots lenders in Panama, Honduras and Nicaragua. The goal is not only to teach the basics of commercial lending, but also to instill some idealism in the next generation of bankers.

JPMorgan Chase settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million).

Citigroup’s chief financial officer said China’s recent moves to crack down on companies isn’t likely to harm the bank’s business across the Asia-Pacific region.

President Biden nominated Judith D. Pryor as first vice president of the Export-Import Bank of the U.S., the nation’s official export-credit agency.