JPMorgan, Goldman pushed to name clients trading Russia debt
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© Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar2/2
(Reuters) – JPMorgan Chase & Co (NYSE:) and Goldman Sachs Group Bloomberg News reports that Inc (NYSE: ) is being pressured to provide extensive information about Russian clients who trade in Russian debt. Bloomberg News cited letters addressed to both chief executives.
U.S. sent the letters. The report says that Senator Elizabeth Warren (USA) and Representative Katie Porter sought lists of customers who had bet on Russian corporate and government debts since the Ukraine conflict.
The report also stated that details were sought about the sizes and types of bets, and any gains. According to the report, the lawmakers also sought information about the transactions the banks made and how much revenue they earned.
JPMorgan spokesmen declined to comment beyond April’s statement on the subject.
As a market maker, we help clients manage risks in secondary markets and reduce exposure to Russia. According to the bank, none of these trades are in violation of sanctions and do not benefit Russia.
Goldman Sachs was also reticent to speak out.
Following the invasion of Ukraine by Russia, the West has put sanctions on Russia. JPMorgan and Goldman Sachs both stated in March that they are reorganizing their Russian business.
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