Deutsche Bank scales back in Russia after US criminal probe
Around 200 jobs are expected to be cut from the current 1,300 employees in Russia.
According to the bank the measures are “part of an ongoing review of its global footprint” aimed “to reduce complexity, costs, risks, and capital consumption.”
However, Deutsche Bank has been under pressure from US and EU authorities, who are investigating share trades made from its Moscow office.
The bank said it had suspended a number of employees working in its Moscow equities trading operation earlier this year, pending the results of an internal review. The probe focused on whether $6 billion in trades in Moscow and London were part of a possible money-laundering scheme for Russian clients, Bloomberg cites people familiar with the matter.
One of the biggest foreign banks in Russia, Deutsche Bank's Russian operation quickly expanded on the back of lucrative financing deals it assembled for clients during the oil-fuelled boom.