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U.S. banks have wound down their exposure to Russia after it invaded Ukraine earlier this year. In August, Citigroup Inc (NYSE:C) said it will close its consumer and commercial banking businesses in Russia starting in the third quarter and said it expected to incur about $170 million in charges over the next 18 months as a result.
Goldman Sachs (NYSE:GS) also set aside $2.3 billion for potential legal costs, $300 million more than in the second quarter, according to the filing. The reserves can cover any judicial regulatory and arbitration proceedings, many of which are in early stages and seek “an indeterminate amount of damages,” it said.
