JPMorgan, Goldman pushed to name clients trading Russia debt – Bloomberg News

div classBodysc17zpet90 cdBBJodivpReuters – JPMorgan Chase & Co and Goldman Sachs Group Inc are being pressed to hand over extensive information on clients trading Russian debt, Bloomberg News reported on Tuesday, citing letters sent to chief executives of both banks.p

pThe letters, sent by U.S. Senator Elizabeth Warren and Representative Katie Porter, demanded lists of clients betting on Russian government and corporate debt since the Ukraine conflict began, according to the report. pdivdivdiv classBodysc17zpet90 cdBBJodiv

pDetails were also sought on the types and sizes of wagers and gains, if any, the report added. The lawmakers were also seeking information on the trades the banks handled and the revenue they generated, according to the report.p

pA JPMorgan spokesman declined to comment on the letter beyond a statement made on the matter in April.p

p“As a marketmaker, we have been helping clients reduce their risks and manage their exposures to Russia in the secondary markets. None of the trades violate sanctions or benefit Russia,” the bank had said. p

pGoldman Sachs also declined to comment.p

pThe West has imposed punitive sanctions on Russia following its invasion of Ukraine. Both Goldman Sachs and JPMorgan said in March they were unwinding their Russian businesses. p

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pp Reporting by Niket Nishant in Bengaluru and David Henry in New York Editing by Anil DSilvap

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