Head of Goldman Sachs Russia leaving

Timothy Talkington has worked in the company for 17 years

US investment bank Goldman Sachs’ co-head of Russia and the CIS, Timothy Talkington, is leaving the company, according to an internal message to employees, cited by media. After 17 years of service, he will reportedly step down at the end of the year.

Talkington joined Goldman Sachs in 2000 in London and moved to the Moscow division in 2007. He was appointed as head of equities for Russia in 2012. He later headed the bank’s Russian securities unit. From June 2020 to August 2022, Talkington served as CEO of Goldman Sachs Russia.

Earlier this month, Goldman Sachs Group announced it has reduced its credit exposure to Russia by 9% to $205 million in the third quarter. The bank also said it will set aside $2.3 billion for potential legal costs.

Goldman was the first major Wall Street bank to exit Russia in March due to Moscow’s military operation in Ukraine. The bank explained that it was winding down its business in the country in compliance with “regulatory and licensing requirements.”

At the end of 2021, Goldman’s total credit exposure to Russia was $650 million, most of which was tied to non-sovereign counterparties or borrowers.

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