Deutsche Bank faces questions over plan to stay in Russia

[blue-wave]

FRANKFURT (Reuters) -Deutsche Bank faced criticism on Friday for its continued ties to Russia after saying that leaving would go against its values, as other banks cut links with the country.

Germany's largest bank has dug in its heels amid pressure to sever ties after the Russian invasion of Ukraine, arguing that it needs to support multinationals doing business in Russia.

"We are often asked why we are not withdrawing completely from Russia. The answer is that this would go against our values," Chief Executive Christian Sewing said in a note to Deutsche Bank staff on Thursday.

Bill Browder, an investor who has spent years campaigning to expose corruption, said that Deutsche Bank staying in Russia "is completely at odds with the international business community and will create backlash, lost reputation and business in the West."

"I would be surprised if they are able to maintain this position as the situation in Ukraine continues to deteriorate," Browder told Reuters.

The debate comes as Deutsche Bank disclosed in its annual report that it paid Sewing 8.8 million euros ($9.68 million) in 2021, a 20% increase from a year earlier.

Overall, the lender paid 14% more, or 2.1 billion euros, in bonuses for 2021, rewarding staff for the bank's most profitable year in a decade.

Article with video: https://www.msn.com/en-us/money/companies/deutsche-bank-faces-questions-over-plan-to-stay-in-russia/ar-AAUVesr



The guy actually says "this would go against our values" ??? Those aren't values dude. That is an evil lust for money. Blood for money.

[RainCaster]

1. DB will lose a lot of business for their professed "values"

This was an amazingly stupid statement to make. Apparently, they are so tied in to despots pockets that they see no future without all those rubles.

[gratuitous]

3. Hey now

"More money for us and fuck you" is SO a value. Not an admirable one, but at least it's an ethos.

[dalton99a]

2. "Tremendous values"

[DanieRains]

4. Douchebank Values Helping Murderers Of Women And Children

Launder their loot stolen from the Russian People.

That about sums it up.

No insult intended for the German People.

Calling those banksters douches is actually a compliment, since they have so much blood on their hands.

[Hugin]

5. Maybe they should be sanctioned right along with their client they can't seem to do without...

or for convenience all of their transactions converted to rubles.

[LetMyPeopleVote]

6. Deutsche Bank Reverses Decision and Will Now Shut Down Operations in Russia

Link to tweet

Deutsche Bank’s CFO said Thursday it is not “practical” to close its Russian business, despite similar moves by major corporations seeking to distance themselves from Putin’s globally unpopular invasion of Ukraine. Deutsche had resisted pressure to sever ties, arguing that it needed to support multinational firms doing business in Russia. The German bank’s chief financial officer defended the decision, saying it hinged on its duty of care to clients that still operate in the country.

But the longtime former lender to Donald Trump reversed course on Friday, announcing that they plan to shut down its business in Russia. Going forward, Deutsche Bank said there won’t be “any new business in Russia.” The move comes a day after first Goldman Sachs and then JPMorgan Chase revealed plans to wind down their own operations in Russia.

It’s not clear what sparked the reversal from Deutsche Bank, which said earlier this week it has “limited” exposure to Russia, with gross loan exposure of about $1.5 billion. That’s more than twice the amount of exposure Goldman Sachs indicated it has. “As we have repeatedly said, we 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,” Deutsche Bank said in its statement.

Link to tweet