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Goldman Sachs shares close higher on Monday, bank reduces credit exposure to Russia

Goldman Sachs Group Inc (GS) said in a regulatory filing on Monday that it had cut its total credit exposure to Russia to $260 million in March from $650 million at the end of last year.

In March, Goldman was the first Wall Street bank to announce its retreat from Russia following the latter’s incursion into Ukraine.

The bank’s Chief Executive Officer David Solomon said in a post-earnings call in April that the military confrontation had led to a net loss of $300 million for the lender during the first quarter.

Goldman Sachs shares closed higher for the sixth time in the past ten trading sessions in New York on Monday. The stock went up 1.61% ($4.93) to $310.42, after touching an intraday low at $302.21. The latter has been a price level not seen since February 12th 2021 ($301.77).

Shares of Goldman Sachs Group Inc have retreated 18.86% so far in 2022 compared with a 12.82% loss for the benchmark index, S&P 500 (SPX).

In 2021, Goldman Sachs Group’s stock went up 45.06%, thus, it outperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 7 out of 12 surveyed investment analysts had rated Goldman Sachs Group Inc’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $419.08. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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