JPMorgan Joins BofA, Citi in Reducing Exposure to Russia - Bloomberg

JPMorgan Joins BofA, Citi in Reducing Exposure to Russia - Bloomberg:



"JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C), the three biggest U.S. banks, reduced Russian assets last quarter amid the crisis in Ukraine.



JPMorgan’s exposure to Russia dropped 13 percent to $4.7 billion as of March 31 from the end of 2013 and Citigroup’s fell 9 percent to $9.4 billion, according to regulatory filings yesterday from the New York-based companies. Bank of America said May 1 that it reduced the firm’s exposure 22 percent.



While political tensions in Russia and Ukraine haven’t yet had a material impact on results, “future developments, including the imposition of any additional sanctions against Russian entities, business sectors, individuals or otherwise, could negatively impact the business,” Citigroup said in its filing."



'via Blog this'