Deutsche Bank AG will pull its investment-banking operations out of Russia, the German lender said Friday, one of its first significant moves under a new co-chief executive planning broader companywide cutbacks. The move, which the bank said will be largely complete by year-end, will affect around 200 investment-bank employees based in Russia who provide deal advisory and securities-trading services, The Wall Street Journal reported last week. ...
Deutsche Bank posted an announcement today stating that it is to cut back on some operations in Russia, following a downturn in profits, sanctions and ongoing investigations into share trades. It intends to close its corporate banking services and securities business in the area. It appears this announcement was released prematurely, since it was posted on a Russian website today, but subsequently removed yesterday. Deutsche Bank in Russia have declined to comment at present.