[Russia] Deutsche Bank will close IT operations

In Russia, Deutsche Bank is winding down its remaining software technology operations in Moscow and St Petersburg as the German lender puts an end to its reliance on Russian IT expertise, Al Jazeera reports.

The bank has offered individual severance packages to the 500 IT professionals remaining on its payroll in Russia and wants to shed the staff in the coming six months, according to Financial Times reporting which cited sources familiar with the matter.

In a surprise move in 2022, Deutsche Bank - Germany’s biggest bank - reportedly said it would wind down its Russian business following harsh criticism from some investors and politicians for its ties to the country in the wake of Russia’s invasion of Ukraine.

Deutsche Bank subsequently began to relocate several hundred Russian IT experts to Berlin and Handelsblatt reported that a hundreds of the IT experts had already moved as of June.

According to the report, the lender has not yet made the formal decision to completely shut down its Russian IT operations but the move is considered a ‘done deal’ internally.

Deutsche Bank did not immediately respond to Reuters news agency’s request for comment.

Source: Al Jazeera

In Russia, Deutsche Bank is winding down its remaining software technology operations in Moscow and St Petersburg as the German lender puts an end to its reliance on Russian IT expertise, Al Jazeera reports.

The bank has offered individual severance packages to the 500 IT professionals remaining on its payroll in Russia and wants to shed the staff in the coming six months, according to Financial Times reporting which cited sources familiar with the matter.

In a surprise move in 2022, Deutsche Bank - Germany’s biggest bank - reportedly said it would wind down its Russian business following harsh criticism from some investors and politicians for its ties to the country in the wake of Russia’s invasion of Ukraine.

Deutsche Bank subsequently began to relocate several hundred Russian IT experts to Berlin and Handelsblatt reported that a hundreds of the IT experts had already moved as of June.

According to the report, the lender has not yet made the formal decision to completely shut down its Russian IT operations but the move is considered a ‘done deal’ internally.

Deutsche Bank did not immediately respond to Reuters news agency’s request for comment.

Source: Al Jazeera