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These Are Ten Major Financial Companies Exiting Russia

By Aman Jain. Originally published at ValueWalk.

Financial Companies Exiting Russia

Financial experts believe that Russia’s invasion of Ukraine could push back Russia’s economy by at least 30 years. Russia is already feeling the impact as big global brands continue to exit the country. The list of companies exiting Russia includes several major financial companies as well, and this could shake the financial infrastructure in the country. Let’s take a look at ten major financial companies exiting Russia.


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Ten Major Financial Companies Exiting Russia

Our list of ten major financial companies exiting Russia is in no particular order; rather, it just lists major financial companies that exited or are in the process of exiting Russia since the start of the war. Following are ten major financial companies exiting Russia since the start of the war:

  1. Marsh & McLennan

Founded in 1871 and headquartered in New York, it is the world’s largest insurance brokerage. Marsh & McLennan Companies, Inc. (NYSE:MMC) shares are down over 2% in the last one month but are up over 1% in the last five days. The company posted revenue of more than $19 billion in 2021. Marsh & McLennan said it is exiting “all of its businesses in Russia.”

  1. Citigroup

Founded in 1812 and headquartered in New York, this company offers banking services, as well as other financial products and services. Citigroup Inc (NYSE:C) shares are down over 19% in the last one month and over 1% in the last five days. The company posted revenue of more than $50 billion in 2021. Citigroup, which has the largest presence in Russia than any other major U.S. bank, said it would exit its consumer business in the country.

  1. PayPal Holdings

Founded in 1998 and headquartered in San Jose, Calif., this company offers digital payment services. PayPal Holdings Inc (NASDAQ:PYPL) shares are down over 16% in the last one month but are up over 2% in the last five days. The company posted revenue of more than $25 billion in 2021. PayPal said it is suspending services in Russia.

  1. Moody’s

Founded in 1900 and headquartered in New York, this company deals in credit ratings, as well as offers research tools and analysis to the global capital markets. Moody’s Corporation (NYSE:MCO) shares are down almost 9% in the last one month and over 4% in the last five days. The company posted revenue of more than $6 billion in 2021.

In a statement on March 5, Moody’s said it is suspending commercial operations in Russia and “will maintain analytical coverage for existing ratings from outside Russia.”

  1. Discover Financial Services

Founded in 1986 and headquartered in Riverwoods, Ill., this company offers direct banking and payment services. Discover Financial Services (NYSE:DFS) shares are down almost 15% in the last one month but are up over 5% in the last five days. The company posted revenue of more than $10 billion in 2021.

“We have suspended all actions to pursue the registration in Russia at this time,” Discover said in a statement.

  1. Goldman Sachs

Founded in 1869 and headquartered in New York, this company offers investment banking, securities, and investment management services. Goldman Sachs (NYSE:GS) shares are down almost 11% in the last one month but are up over 1% in the last five days. The company posted revenue of more than $12 billion in 2021.

“Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements,” the company said in a statement on March 10.

  1. JPMorgan Chase & Co.

Founded in 1968 and headquartered in New York, this company offers investment and financial banking services. JPMorgan Chase & Co (NYSE:JPM) shares are down almost 16% in the last one month but are up over 1% in the last five days. The company posted revenue of more than $57 billion in 2021. In a recent statement, the biggest U.S. bank said it would unwind its Russian businesses.

  1. American Express

Founded in 1850 and headquartered in New York, this company offers payment card services. American Express Company (NYSE:AXP) shares are down almost 13% in the last one month but are up almost 8% in the last five days. The company posted revenue of more than $43 billion in 2021. Last week, the company announced that it had suspended its operations in Russia and Belarus.

  1. Mastercard

Founded in 1966 and headquartered in Purchase, N.Y., this company facilitates payments by connecting consumers, businesses, merchants, financial institutions and governments. Mastercard Inc (NYSE:MA) shares are down almost 14% in the last one month but are up over 4% in the last five days. The company posted revenue of more than $18 billion in 2021. Initially, Mastercard blocked transactions for Russian banks, and on March 6 the company said it is suspending operations in Russia.

  1. Visa

Founded in 1958 and headquartered in San Francisco, this company offers digital payment services, as well as debit cards, credit cards, commercial payment solutions and more. Visa Inc (NYSE:V) shares are down over 12% in the last one month but are up over 4% in the last five days. The company posted revenue of more than $24 billion in 2021. Similar to Mastercard, Visa also blocked transactions for Russian banks initially, and on March 6 announced it was suspending operations in the country.

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