Deutsche Bank to Shrink Investment Banking Unit in Russia
By
Offices of Deutsche Bank in Moscow. The company is closing its onshore corporate banking and securities operations in Russia. CreditSergei Karpukhin/Reuters
LONDON — Deutsche Bank said on Friday that it was scaling back its investment banking operations in Russia as the bank’s new co-chief executive, John Cryan, looks to reshape its business.
The move reflects the bank’s own organizational challenges as well as the increasing difficulty for international companies of all sorts to do business in Russia in light of Western sanctions and the country’s stumbling economy.
Friday’s announcement came a day after Deutsche Bank said that Joerg Bongartz, the longtime chairman of its Russian business and head of its Global Transaction Banking operation there, was moving to Frankfurt and would assume a broader responsibility for the lender’s business in Central and Eastern Europe…
Deutsche Bank to Shrink Investment Banking Unit in Russia
