JPM - Deutsche Bank stock surges after agreeing to extend monitor under DOJ pact

Deutsche Bank (NYSE:DB) stock is climbing 6.0% in Frankfurt and jumping 9.3% in U.S. premarket trading after reports that Germany's largest lender is "winding down" its business in Russia. The about-face came after Wall Street titans JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) both said they're shuttering operations in Russia in light of the country's invasion of Ukraine. Just a couple days earlier, the bank said it wouldn't pull out of the Russian market, noting that its credit exposures to Russia and Ukraine were a "very small portion of the bank's overall loan portfolio." On Friday, Deutsche Bank (DB) also said it agreed to keep in place until February 2023 a monitor to track is ESG claims at its DWS subsidiary after the U.S. Department of Justice found the bank had violated a deferred prosecution agreement. In August 2021, Deutsche Bank (DB) denied claims it overstated its ESG assets.

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Deutsche Bank stock surges after agreeing to extend monitor under DOJ pact