Dubai is a financial and economic hub in the Gulf region. Credit: Pexels from Pixabay.

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Bank of America (BofA) is moving some of its Russian staff to Dubai, Reuters reported citing two unnamed sources.

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The Wall Street lender has relocated some of its bankers recently and it is in the process of moving others, the sources said.

BofA staff is being moved across the different units of the bank.

The lender is the latest to join its Western peers in relocating staff following the Russian invasion of Ukraine in late-February this year.

BofA declined to comment on the development.

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Earlier this year, JP Morgan, Rothschild and Goldman Sachs relocated some of their Russia-based staff.

Dubai, a financial and business hub in the Middle East, is a preferred location for bankers to move to from Russia.

Following the Russian invasion of Ukraine, the US-led western alliance imposed severe sanctions targeting Russia’s banking system and elites with ties to President Vladimir Putin.

The sanctions have made it difficult for foreign firms to continue Russian operations.

Last month, US banking major Citigroup announced that it is closing its retail and commercial banking business in Russia.

Last month, BofA said it is going to increase investment in digital solutions after customers accessed its digital platforms around one billion times in July 2022.

The bank’s new investment will focus on budgeting and financial planning services, app personalisation and enhanced security.