U.S. BANKS’ RUSSIAN INVESTMENT BANKING FEE INCOME IN DOUBT AFTER MOSCOW SANCTIONS
Western sanctions on Moscow could throw the small but lucrative Russian investment banking business that several large U.S. banks have maintained into question, lawyers said, which could deal a hit to tens of millions of dollars in fees.
Major U.S. banks, including JPMorgan Chase & Co (JPM.N), Morgan Stanley (MS.N) and Citigroup Inc (C.N), have continued to underwrite and advise on Russian deals, often alongside the investment banking arm of state-owned VTB (VTBR.MM). VTB Capital is the largest investment bank by fees in Russia.
