Deutsche Bank AG is a global investment bank, which offers a wide selection of services and products in wealth and asset management, together with in corporate investment and retail banking.
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The proposed closure will be largely complete by year-end and will result in about 200 job losses.
Reuters reported on Monday, citing financial sources, that Deutsche planned to close nearly all of its Russian operations excluding transaction banking services. The bank indicated that it would use third-party Russian firms to execute trades where necessary.
The progressions come after a troublesome period for Deutsche’s Russian business, which, and additionally needing to adapt to squalls in the neighborhood economy, has go under examination from controllers in the United Kingdom , USA and Germany, who are analyzing whether Deutsche’s Russian values arm ruptured hostile to IRS evasion laws.
Bank of America Corp. hired John Utendahl from Deutsche Bank AG, naming him executive vice chairman of global corporate and investment banking. His departure comes as Deutsche Bank and the US Department of Justice are investigating accusations of bribe-taking by senior staff members and questionable share trades involving the bank’s Moscow office.
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The German banks’ remaining business in Russian Federation , which utilizes around 1,300 individuals, will experience littler changes. Meanwhile, Fitschen is expected to step down from his role on May 19, 2016 while his former co-CEO, Anshu Jain, has already stepped down from his role and is now a consultant for Deutsche Bank until January 16. The bank has had poor profitability in recent years and has faced several scandals that have led to huge fines and hurt its reputation. While unveiling it new five year strategy last April, the bank said that it would focus its “geographical footprint on key markets and cities”.
