JPMorgan, Goldman pushed to name clients trading Russia debt – Bloomberg News
2022.05.10 19:21
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FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar
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(Reuters) – JPMorgan Chase & Co (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) are being pressed to hand over extensive information on clients trading Russian debt, Bloomberg News reported on Tuesday, citing letters sent to chief executives of both banks.
The letters, sent by U.S. Senator Elizabeth Warren and Representative Katie Porter, demanded lists of clients betting on Russian government and corporate debt since the Ukraine conflict began, according to the report.
Details were also sought on the types and sizes of wagers and gains, if any, the report added. The lawmakers were also seeking information on the trades the banks handled and the revenue they generated, according to the report.
A JPMorgan spokesman declined to comment on the letter beyond a statement made on the matter in April.
“As a market-maker, we have been helping clients reduce their risks and manage their exposures to Russia in the secondary markets. None of the trades violate sanctions or benefit Russia,” the bank had said.
Goldman Sachs also declined to comment.
The West has imposed punitive sanctions on Russia following its invasion of Ukraine. Both Goldman Sachs and JPMorgan said in March they were unwinding their Russian businesses.
