Germany's Deutsche Bank AG terminates operations in Russia

Baku. 15 September. REPORT.AZ/ The head of Deutsche Bank’s Russian operations is heading back to Germany as the bank is reportedly terminating its Russian operations, financial sources said. 

Joerg Bongartz will be relocating from Moscow to Frankfurt as Germany’s largest bank plans to cut its Russian operations by 90 per cent, a source told Reuters.

Bongartz, who has been in charge of Deutsche’s Russian operation since 2006, will move to Frankfurt to focus on business in central and Eastern Europe, the bank said in a statement over the weekend.

If confirmed, Deutsche’s Bank’s decision to withdrawal from Russia could result in around 200 jobs lost as it is one of the biggest foreign banks in the country, with over 1,000 employees.

Report informs referring to Reuters, Deutsche Bank AG, is considering cutting about 23,000 jobs, or almost one quarter of its workforce, Reuters reported, citing unidentified people in the finance industry.

The bulk of the reductions will come mainly from technology operations and the sale of its Deutsche Postbank AG unit, Reuters said. Deutsche Bank employed 98,647 people at the end of June, including 14,940 at Postbank, a German consumer lender, according to its filings. Klaus Winker, a spokesman for Deutsche Bank in Frankfurt, declined to comment.