Global broker WTW exits Russia, hands the keys to local managers

Global broker and advisory  WTW will withdraw from all of its business activity in Russia and hand over ownership to local employees.

“ WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market," WTW CEO Carl Hess (pictured) said in a company statement.

"While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues,” Hess said.

WTW took a moderate tone on its justification for the move: The company "continue[s] to be dismayed by the crisis in Ukraine," management said.

The WTW website lists two offices in Russia: in Moscow and St. Petersburg.

Marsh McLennan led the exodus of major brokerages from Russian operations with an announcement March 10.

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