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

[LetMyPeopleVote]

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

[Cha]

1. 💙💛 Glory to Ukraine!

💙💛

[The Unmitigated Gall]

2. Little late to the party, Deutsche...

And I see you brought russian vodka.

Classy.

[LuckyLib]

3. They will simply transfer existing work/deposits to Germany.

Let's remember this is the criminal enterprise that has been in bed with the Trumps.

[Irish_Dem]

4. Yes, a criminal enterprise doesn't tell the truth and doesn't stop their crimes.

[Chainfire]

5. "No new business in Russia" Translate:

We will continue to economically support the existing thugs that we do business with?