Deutsche Bank Joins Peers in Winding Down Operations in Russia
- Move follows similar decisions by Goldman Sachs, JPMorgan
- ‘There won’t be any new business in Russia’: German lender
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Deutsche Bank AG reversed course and is now joining Wall Street banks Goldman Sachs Group Inc. and JPMorgan Chase & Co. in pulling back from business in Russia following the country’s invasion of Ukraine.
“Like some international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations,” the Frankfurt-based bank said in a statement Friday, adding that it has already “substantially reduced” its exposure to the country since 2014. “There won’t be any new business in Russia.”