Deutsche Bank Changes Its Decision And Ends Its Business in Russia

Deutsche Bank said on Friday it was winding down its operations in Russia, a day after its chief financial officer said it was not “practical” to close the unit.

The move by Deutsche Bank, Germany’s largest bank by assets, followed the announcements on Thursday that rival investment banks Goldman Sachs and JPMorgan Chase were ending their operations in Russia.

A number of technology companies, energy companies and retail brands have also said they are leaving Russia due to President Vladimir Putin’s invasion of Ukraine.

Deutsche Bank said it had “significantly” reduced its exposure to Russia since 2014, after Russia’s annexation of Crimea prompted global financial firms to reduce their presence in the country.