July 25, 2024
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A number of Goldman Sachs employees are relocating to the United Arab Emirates

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As a result of Russia’s aggression against Ukraine, Goldman Sachs is moving some of its Moscow-based employees to the United Arab Emirates, according to multiple news outlets.

While the Ukraine crisis enters its second week, the Wall Street powerhouse is relocating some of its staff to Dubai, a crucial financial hub in the Middle East, as global firms reassess their Russian activities.

The Goldman Sachs Group, Inc. is a multinational investment bank and financial services firm centered in New York City.

As of 2021, Goldman Sachs employed about 40,500 individuals and had total assets of $1.2 trillion.

Former Goldman Sachs banker Georgy Egorov wrote an open letter to the company’s CEO David Solomon this week, urging the bank to leave Russia and restructure its workforce to be “on the right side of history.”

Earlier this week, Goldman Sachs Asset Management decreased its exposure to Russia in its GQG foreign equities fund to roughly $222 million, down from around $1.7 billion six months ago.
Dubai is recognized as one of the few prosperous cities in the world with a pro-Russian leadership.

The United Arab Emirates voted against a UN Security Council resolution criticizing Russia’s invasion of Ukraine.

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