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Ex-Goldman Sachs banker calls on Wall Street giant to exit Russia -Breaking


© Reuters. FILE PHOTO – The Goldman Sachs logo appears on the New York Stock Exchange floor, September 11, 2013. REUTERS/Lucas Jackson/File Photo


Sinead cruise and Kirstin Riedley

LONDON, (Reuters) – A former Goldman Sachs (NYSE) banker wrote an open letter asking David Solomon to ask the chief executive of Wall Street’s Wall Street Investment Bank to leave Russia and relocate staff to Moscow in order to “keep on the right side” of the past.

Georgy Egorov is a former director of equity capital markets who moved to UBS, the Swiss counterpart to Goldman Sachs in 2010. He also critiqued a Solomon message on social media earlier this week for not condemning Russia’s invasion.

Egorov stated that it was a Goldman Russian banker who felt proud to be involved in some of the most significant transactions of all time – the largest global bridge loans (Gazprom) the largest syndicated loans(Rosneft), and one of the largest IPOs (“VTB”)

Goldman Sachs did not respond to the Thursday letter but confirmed Egorov’s employment at the bank.

Russian-born Egorov told Reuters that he was British and had been living in Britain for 23 years. He said Goldman should cease all Russian operations “as a protest” to join sanctions against “criminal rule”.

Russia claims its actions in Ukraine constitute a “special operation”

Solomon wrote on Twitter on Tuesday (NYSE:), that the invasion in Ukraine was “tragic”, and added that the resilience and bravery of the Ukrainian people were inspiring.

Solomon said that Goldman Sachs would continue to support its non-profit partners in humanitarian work and will take care of their colleagues. He also added, “Goldman Sachs will continue taking care of our fellows, supporting our non-profit partner’s humanitarian efforts, as well as adding our voice to those who call for peace.”

Egorov’s posting on professional networking site has more than 1,200 hits. The post included a request for Goldman Sachs employees to move to London or Frankfurt.

Societe Generale (OTC) warned Thursday that Russia might take France’s local bank operations away. This was one of the most severe warnings by a Western company regarding the possible impact of war in Ukraine.

According to the bank’s $20 billion Russian exposure, it is the biggest among foreign lenders. It said that the bank was working with other European banks to reduce risks. This comes amid increasing tit-fortat sanctions against the West.

Apple, Google, Ford, and Netflix are just a few of the companies that have already stopped or suspended business with Russia following its invasion. They join a growing number of shippers and energy firms as well as carmakers and automakers.

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