As they switch off the lights in Moscow, the world’s top banks face a risk-ridden retreat, juggling obligations to anxious clients and staff while complying with sanctions that have rewritten the rules of doing business in Russia. There is a growing realization that these sanctions are likely to remain long-term, industry sources told Reuters, which means strategic not just tactical decisions are needed as executives look to protect hard-won improvements to their credibility since the global financial crisis. Citigroup (C.N) , JPMorgan (JPM.N) and Goldman Sachs (GS.N) have committed to helping clients with the complex task of unwinding their Russian operations, whilst at the same time supporting the relocation of staff who wish to leave. “(President Vladimir) Putin has fewer and fewer ways to hit back, he’s in a corner and these people could end up as pawns,” one senior compliance executive at a […]