Deutsche Bank to wind down Russia business

[highplainsdem]

Source: Reuters

FRANKFURT, March 11 (Reuters) - Deutsche Bank (DBKGn.DE) said on Friday that it would wind down its business in Russia.

Deutsche had faced stinging criticism from some investors and politicians on Friday for its ongoing ties to Russia after saying that leaving would go against its values, as other banks cut off ties.

"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 while we help our non-Russian multinational clients in reducing their operations," the bank said on Friday.

"There won't be any new business in Russia."

-snip-

Read more: https://www.reuters.com/business/finance/deutsche-bank-says-wind-down-russia-business-2022-03-11/

[SunSeeker]

1. I'll believe it when they actually do it.

Keep up the pressure!

[soldierant]

9. If and when they do, is that when we get to cite

"Et tu, Brute"?

[Cha]

2. Good. Just yesterday.. it

wasn't "practical".

💙💛

[orangecrush]

11. Straight up.

Slava Ukraini

[Cha]

15. Oh Yes.. Glory to Ukraine!

TY💙💛

[orangecrush]

20. Sjava Ukraini!

[Cha]

22. Pressure Works!

💙💛

[Lonestarblue]

3. But how will Trump get the millions funneled through Russia to repay his loans?

It would be so lovely for him to be left with nothing and no one to bail him out this time. No Russian oligarchs buying real estate at double market value—in cash. No favorable bank loans. Fire sale at Trump Organization coming!

[paleotn]

4. Intitially, Deutsche refused to pull out of Russia....

Must have gotten some rather tense calls from the German Reichstag, London and the US Treasury.

[ffr]

5. Mitch McConnell and Kevin McCarthy: OHHHHHHH, FUCKKKKKKKK!

Without Russian Rubles for the causus' Russian moles, the GOP is done for. A solid November democratic turnout is all it'll take.

[BumRushDaShow]

6. So wonder what made them change their minds?

[Phoenix61]

8. Better to bail than have people digging into

who and what they have been financing.

[orangecrush]

12. Sure as shit!

[KPN]

19. Exactly.

[BlueIdaho]

7. While they are at it

They can wind down business in America NOW. Call all of TFGs loans due immediately and get the fuck out of America.

[GB_RN]

10. Bet tRump's ATM Card No Longer Works!

😂

[orangecrush]

13. ....

[littlemissmartypants]

14. So will they make another announcement when they've finished

"Winding down" or is this it? I'll wait for the actual wind down to be over before I start celebrating.

Thanks for the post, highplainsdem. ❤

[C Moon]

16. Slowly wind down so they can find a rug to sweep it under.

[LetMyPeopleVote]

17. This is huge! Pressure works. Never stop calling out companies that stand with Putin.

Last edited Sat Mar 12, 2022, 02:53 AM - Edit history (1)

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

[KPN]

18. Wind down? No new business? Lol. The US should frigging sanction Deutsche Bank -- prohibit them

from doing business in the US. They long ago proved they cannot be trusted to adhere to the most fundamental moral principles in doing business.

[FakeNoose]

21. "Dear oligarchs, please come and get your money..."

... "We don't want it any more."

Yeah right! Not gonna happen.