Wall Street Banks Could Lose Billions In Russia—Here’s How Much Exposure They Have

Wall Street Banks Could Lose Billions In Russia—Here’s How Much Exposure They Have

Share to Linkedin The conflict in Ukraine has caused many of Wall Street's biggest banks to begin winding down their business in Russia, but they could still face billions of dollars in losses as they reduce exposure and divest from Russian firms amid a barrage of Western sanctions. Banks could lose billions as they scale back business in Russia—but exposure was minimal to begin ... [+] with. While it will likely be a drawn-out process for banks to unwind their operations in Russia, some firms have higher exposure than others—meaning greater potential losses if borrowers default on a payment—but for most, Russian investments still represent a small portion of cumulative assets. JPMorgan Chase CEO Jamie Dimon said in an annual shareholder letter on Monday that the bank was "not worried" about direct exposure to Russia, though he admitted, "we could still lose about $1 billion over time." Citigroup will be among the most impacted on Wall Street, however, with total exposure to Russia amounting to almost $10 billion at the end of 2021—and the bank could lose nearly half of that in a worst-case scenario, it said last month. Goldman Sachs, meanwhile, has said that it had Russian credit exposure