“Current activities are limited, including helping global clients address and settle pre-existing obligations; manage your risk related to Russia; act as a custodian for our clients; and take care of our employees,” JPMorgan said in the statement.
Goldman was the first of the major Wall Street banks to announce its intention to exit Russia and on Thursday said it is winding up its business there.
The titans of the financial industry join those in other sectors, including McDonald’s and Coca-Cola, which have already said they will halt business operations in the nation as Ukraine’s death toll mounts and millions of refugees flee.
Visa and Mastercard have also suspended its operations in Russia. The credit card giants get about 4% of their net income from business linked to the country.
Citigroup Inc.’s roughly 3,000 workers in Russia give it by far the largest local presence among major US banks. The company said Wednesday it is evaluating continuing operations there.
