Deutsche Bank has joined JPMorgan Chase and Goldman Sachs in winding down its business in Russia following its invasion of Ukraine. The move comes after Deutsche Bank CEO Christian Sewing previously said in a blog post on Thursday that withdrawing completely from Russia would “go against our values.”
The company said they condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom. 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. At the same time, we help our non-Russian multinational clients reduce their operations. There won’t be any new business in Russia.
Meanwhile, net loan exposure to Ukraine is 42 million euros ($46.1 million), and gross exposure is 0.6 billion euros. The operational risk posed by a potential shutdown of technology centre in Russia, according to the bank, is likewise well limited, with “no significant business continuity risk to the functioning of Deutsche Bank global operations.” The centre employs around 1,500 people, accounting for about 5% of the company’s internal and external technology workforce.