David Solomon spoke out strongly against Russia's war in Ukraine—but he says ultimately governments should determine sanctions, not businesses.
Do you think the financial industry is playing an appropriate role in ostracizing Russia for its invasion of Ukraine? Do you feel like Wall Street could do more?
I don’t think businesses are supposed to decide how global trade works in the world. Government sets policy and then businesses follow that policy. I happen to agree very strongly with the policy. What’s going on in Ukraine is absolutely horrible. I think the actions taken are reasonable and powerful actions. But you ask, “are we doing a good job, ostracizing Russia?” That’s not our job. And by us, I mean the financial industry broadly.
I wouldn’t use the word hardships, but there’s no question that there are. When you take a participant—Russia—in global markets and the financial system and you disconnect them or turn them off, they are going to be losses. There are losses around this change in participation. Certainly, there are losses in the financial system, in the banking community, there are losses in the investor community.
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