Deutsche Bank shuts down corporate banking ops in Russia

AFP, FRANKFURT: Germany's biggest lender Deutsche Bank yesterday said it will close its corporate banking and securities business in Russia as part of an ongoing shake-up of its global activities. "Deutsche Bank's Russian corporate finance and markets businesses will now operate from international hubs," the group said in a statement. The closure -- aimed at reducing "complexity, costs, risks and capital consumption" -- was expected to be substantially completed by the end of this year, Deutsche Bank explained. Sources familiar with matter told AFP that 200 people would be laid off as part of the move, but Deutsche Bank would continue to employ more than 1,000 people in Russia.

Deutsche Bank shuts down corporate banking ops in Russia

AFP, FRANKFURT: Germanys biggest lender Deutsche Bank yesterday said it will close its corporate banking and securities business in Russia as part of an ongoing shake-up of its global activities. Deutsche Banks Russian corporate finance and markets businesses will now operate from international hubs, the group said in a statement. The closure -- aimed at reducing complexity, costs, risks and capital consumption -- was expected to be substantially completed by the end of this year, Deutsche Bank explained. Sources familiar with matter told AFP that 200 people would be laid off as part of the move, but Deutsche Bank would continue to employ more than 1,000 people in Russia.