City Of London
Goldman and JPMorgan Diverge on Response to Richest Russian’s Sanctions
- Charity set up by Vladimir Potanin engaged banks before war
- JPMorgan cut ties to charity while Goldman remains in place
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When Russia’s richest person was sanctioned in the aftermath of the country’s invasion of Ukraine, both JPMorgan Chase & Co. and Goldman Sachs Group Inc. had to decide whether to stop managing money for the UK charity set up by Vladimir Potanin before the war.
The Wall Street firms took different paths. JPMorgan ended up cutting ties with the Potanin Foundation having advised on its investments for about a decade, according to a registry filing uploaded this week. Goldman is still providing the London-based charity with banking and investment management services.