Goodbye, Russia – Some Goldman Sachs employees leave Russia for the UAE


Goldman Sachs is moving some of its staff in Moscow to the United Arab Emirates as a result of the Russian attack on Ukraine, numerous news agencies reported on Sunday.

The Wall Street giant is sending some of its employees to Dubai, a major financial center in the Middle East, as foreign companies reevaluate their Russian operations as the crisis in Ukraine enters its second week.

The Goldman Sachs Group, Inc. is a New York City-based international investment bank and financial services firm.

Goldman Sachs employs more than 40,500 people and had total assets of approximately $1.2 trillion as of 2021.

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Goldman Sachs urge to leave Russia

Georgy Egorov, a former Goldman Sachs banker, this week published an open letter to the company’s CEO, David Solomon, urging the bank to leave Russia and hire workers to “be on the good side of the history”.

Egorov, who was born in Russia, suggested that Goldman suspend all operations in Russia “as a show of defiance” and join international sanctions against what he described as a “criminal regime”.

Russia has been slammed with heavy international sanctions that have sent its economy into a tailspin — the result of a coordinated global effort to isolate Moscow in the wake of President Vladimir Putin’s invasion of Ukraine.

British MPs pressure banks to halt Russian operations

As a result of this development, British MPs are also urging major banks to shut down their services in Moscow after protesters accused them of “silently profiting” from their Russian operations while other industries distance themselves from the country.

Several of Moscow’s largest lenders, including HSBC, JP Morgan, Deutsche Bank and Credit Suisse, employ thousands of people to provide banking services to large corporations and high net worth clients doing business in Russia.

BTC total market cap at $723.85 billion on the daily chart | Source: TradingView.com

Goldman Sachs Asset Management earlier this week reduced its exposure to Russia in its GQG foreign equity fund to about $222 million, from more than $1.7 billion six months ago.

On Monday, Netflix, American Express and two leading accounting firms suspended connections to Russia in response to the atrocities in Ukraine.

Russia-friendly Dubai

Dubai is considered one of the few thriving cities in the world with a government that is Russia friendly.

The UAE abstained from a UN Security Council resolution at the end of last month condemning Moscow’s invasion of Moscow.

Related article | Bitcoin drops to $38,000 as Russia ramps up bombing of Ukraine

Goldman Sachs bullish on Bitcoin

According to Goldman Sachs, Bitcoin currently has a 20% share of the “store of value” market.

With gold hitting a critical level of $2,000 an ounce on Monday, Goldman Sachs analyst Zach Pandl believes Bitcoin has the potential to surpass the $100,000 mark in the coming years.

Bitcoin was priced at $38,181.82 on Monday, according to Coingecko’s monitoring. In the past 24 hours, the cryptocurrency has lost 3.5%.

Featured image from ODDS.com, chart from TradingView.com

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