Deutsche Bank to shutdown Russian IT operations

Deutsche Bank is set to close its Russian software technology operations in Moscow and St Petersburg, after many decades, in line with the law, the German bank said on Wednesday.

The bank decided to close down its Russian business, as it got criticised during the start of the Russian invasion of Ukraine.

“We continue to de-risk our operations in the Russia technology center, this process is being conducted in a way that minimises business disruption and is in full compliance with relevant Russian legislation,”

The bank has offered individual severance packages to the 500 IT professionals working on its Russian operations, and wants to lay off the staff during the next six months.

Employees are offered either leaving by mutual agreement and relocating, or remaining on the platform.