Deutsche Bank getting ready to quit Russia

14/09/2015

Joerg Bongartz, Chairman Deutsche Bank RussiaDeutsche Bank has decided to close all its Russian operations except for its GTB transaction banking services, it was being rumoured today, making Russia the first casualty of sweeping plans to shrink the group’s global footprint.
The move follows the announcement over the weekend that the chairman of its Russian unit Joerg Bongartz, would quit Moscow for Germany, and comes as Deutsche Bank and the U.S. Department of Justice investigate accusations of bribe-taking by senior staff members and questionable share trades involving the bank’s Moscow office; although the bank is insisting that the events are not linked and that Bongartz is heading home due to an internal promotion.