Frankfurt: Germany’s biggest lender Deutsche Bank said on Friday it will close its corporate banking and securities business in Russia as part of an ongoing shake-up of its global activities.
“Deutsche Bank’s Russian corporate finance and markets businesses will now operate from international hubs,” the group said in a statement.
The closure — aimed at reducing “complexity, costs, risks and capital consumption” — was expected to be substantially completed by the end of this year, Deutsche Bank explained.
Sources familiar with matter told AFP that 200 people would be laid off as part of the move, but Deutsche Bank would continue to employ more than 1,000 people in Russia.
The announcement comes as Deutsche Bank’s Moscow branch is under investigation by US authorities on suspicion of possible involvement in money-laundering.
PTI