Goldman Sachs is moving some of its Moscow-based staff to the United Arab Emirates as a result of Russia’s attack on Ukraine, numerous news outlets reported on Sunday.
The Wall Street giant is sending some of its employees to Dubai, a key financial hub in the Middle East, as foreign corporations reassess their Russian operations as the Ukraine crisis enters its second week.
Goldman Sachs Group, Inc. is an international investment bank and financial services company headquartered in New York City.
Goldman Sachs employs more than 40,500 people and had total assets of approximately $1.2 trillion as of 2021.
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Urging Goldman Sachs to leave Russia
Georgy Egorov, a former Goldman Sachs banker, published an open letter to the company’s CEO, David Solomon, this week, urging the bank to get out of Russia and shift workers to be “on the right side of history.”
Egorov, who was born in Russia, suggested that Goldman should 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 hit with heavy international sanctions that have sent its economy into a tailspin, the result of a coordinated global effort to isolate Moscow following President Vladimir Putin’s invasion of Ukraine.
British MPs pressure banks to stop Russian operations
As a result of this development, British MPs are also pressuring big banks to end their services in Moscow, after activists accused them of “quietly profiting” from their Russian activities 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 companies and wealthy clients doing business in Russia.
Total BTC Market Cap at $723.85 Billion on the Daily Chart | Source: TradingView.com
Goldman Sachs Asset Management reduced its exposure to Russia in its GQG foreign equity fund to about $222 million earlier this week, down from more than $1.7 billion six months ago.
On Monday, Netflix, American Express and two major accounting firms suspended connections to Russia in response to its atrocities in Ukraine.
Dubai friendly with Russia
Dubai is considered one of the few prosperous cities in the world with a government friendly to Russia.
The United Arab Emirates abstained from a United Nations Security Council resolution condemning Moscow’s invasion of Ukraine late last month.
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Goldman Sachs bullish on Bitcoin
According to Goldman Sachs, Bitcoin currently has a 20% share of the “store of value” market.
With gold reaching a critical level of $2,000 per ounce on Monday, Goldman Sachs analyst Zach Pandl believes that Bitcoin has the ability to break above the $100,000 mark in the coming years.
Bitcoin was priced at $38,181.82 on Monday, according to Coingecko tracking. In the last 24 hours, the cryptocurrency has lost 3.5%.
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