JPM - UniCredit looks to exit Russia in costly move

Italian bank UniCredit (OTCPK:UNCFF) (OTCPK:UNCRY) on Tuesday is considering an expensive exit from its operations in Russia amid the country's invasion of Ukraine, CEO Andrea Orcel told Reuters. UniCredit's full write-off of its business in Russia, including cross-border capital, would cost ~ EUR 7.4B ($8.13B), Reuters cited the bank last week. UniCredit, one of Europe's banks most exposed to Russia, would join a handful of commercial banks that aim to exit Russia, including U.S. banks Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) and Germany-based Deutsche Bank (NYSE:DB). At the start of December, UniCredit planned 3K job cuts.

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UniCredit looks to exit Russia in costly move