Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Goldman Sachs CEO says it's not Wall Street's job to 'ostracize Russia' amid calls on social media for corporations to pull out of the country

Goldman Sachs CEO says it's not Wall Street's job to 'ostracize Russia' amid calls on social media for corporations to pull out of the country

Goldman Sachs CEO David Solomon told Time that it's the job of the government, not businesses, to "decide how global trade works in the world."
Goldman Sachs CEO David Solomon said it's not Wall Street's job to "ostracize Russia" despite growing calls on social media to do so, he said in a Time interview published Sunday,

"I don't think businesses are supposed to decide how global trade works in the world. Government sets policy and then businesses follow that policy," he told Time executive editor John Simons, adding that he "strongly" agrees with the sanctions placed on Russia following its invasion of Ukraine.

Goldman Sachs became the first major bank to announce it was shutting down operations in Russia last week, as the industry faces both legal and public pressure to sever ties with the country.

Just a few hours later, JP Morgan also announced it would be joining the corporate exodus. On Friday, Deutsche Bank reversed course after its CEO received swift backlash for telling employees that a Russian exit wasn't "practical" and would go against the bank's "values."

Despite the industry-first move, Solomon answered "that's not our job," when asked if Wall Street should be doing more to boycott Russia.

Retail giants Starbucks and McDonald's were similarly reluctant to pull out of Russia, citing its responsibility to local employees and customers. However, following calls on social media, both companies back peddled on their statements and announced they would shut down operations but continue paying their Russian staff members.

In the interview with Time, Solomon pushed back on the social media movement and reiterated that the main priority of businesses in Russia is to adhere to sanctions issued by the Biden administration.

"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," the bank said in a statement shared with Insider. "We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people."
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×