DB - Deutsche Bank said to be winding down technology centers in Russia
2023-04-12 04:59:11 ET
- Deutsche Bank ( NYSE: DB ) is said to be closing its technology centers in Russia and de-risking its operations there, as the lending giant continues winding down operations in the country in the wake of the Ukraine war.
- The German bank is winding down the tech centers, located in Moscow and St. Petersburg, in a way that minimizes business disruption and complies with Russian laws, the Financial Times reported, citing a company spokesperson.
- Deutsche Bank ( DB ) has offered impacted employees the option to leave by mutual agreement, relocate or remain on the platform. FT reported that the bank offered severance packages to the 500 tech workers still on its payroll in Russia.
- Last year, Deutsche Bank ( DB ) said it stopped conducting new business in Russia. While it has not formally decided on shutting its Russian IT operations, the move is considered a done deal internally, the FT report added.
- The bank did not immediately respond to a request for comment.
- Deutsche Bank ( DB ) had earlier relocated hundreds of tech employees in Russia to Berlin, Germany ahead of closing its technology hub .
For further details see:
Deutsche Bank said to be winding down technology centers in Russia