NEW YORK ( TheStreet) -- Citigroup (C - Get Report) sees no "material impact" from escalating tensions between Ukraine and Russia, though that could change, the bank disclosed Friday in its first quarter 10-Q.
"To date, ongoing political tensions in Russia and the Ukraine have not had a material impact on the results of operations of [Europe, Middle East and Africa Regional Consumer Banking], although future developments, including the imposition of any additional sanctions against Russian entities, business sectors, individuals or otherwise, could negatively impact the business," the bank stated.
Despite severely reducing its global footprint in recent years, Citigroup remains the most internationally exposed of all U.S. banks, and troubles in Mexico and South Korea have harmed results of late. CEO Michael Corbat recently cancelled a planned appearance at an economic conference in St. Petersburg scheduled for later this month and will send other executives in his place, Bloomberg reported.
Citigroup reduced exposure to Russia to $9.4 billion at the end of the first quarter from $10.3 billion at year end, according to Friday's filing. Bank of America (BAC), meanwhile took exposure to Russia down to $5.2 billion in the quarter from $6.3 billion at year-end. JPMorgan Chase (JPM - Get Report) also reduced its Russian exposure--to $4.7 billion as of March 31, 2014 from $5.4 billion at the end of 2013, filings show.
JPMorgan's quarterly filing Friday stated "the Firm is closely monitoring events in Russia and the impact of current and potential new sanctions, and the uncertainty this situation is creating in the markets. The Firm is also focused on the economic impact of this situation to Russia's financial condition, possible potential for contagion effects, and the impact that any potential sovereign downgrades or credit deterioration would have on the Firm's credit portfolio, the allowance for loan losses and overall risk exposures."