This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/deutsche-banks-russia-chief-relocates-putting-russian-operations-in-doubt-10500658.html
The article has changed 4 times. There is an RSS feed of changes available.
Version 1 | Version 2 |
---|---|
Deutsche Bank’s Russia chief relocates, putting Russian operations in doubt | Deutsche Bank’s Russia chief relocates, putting Russian operations in doubt |
(35 minutes later) | |
The head of Deutsche Bank’s Russian operations is heading back to Germany as the bank is reportedly terminating its Russian operations, financial sources said on Monday. | The head of Deutsche Bank’s Russian operations is heading back to Germany as the bank is reportedly terminating its Russian operations, financial sources said on Monday. |
Joerg Bongartz will be relocating from Moscow to Frankfurt as Germany’s largest bank plans to cut its Russian operations by 90 per cent, a source told Reuters. | Joerg Bongartz will be relocating from Moscow to Frankfurt as Germany’s largest bank plans to cut its Russian operations by 90 per cent, a source told Reuters. |
Bongartz, who has been in charge of Deutsche’s Russian operation since 2006, will reportedly move to Frankfurt to focus on business in central and Eastern Europe, the bank said in a statement over the weekend. | |
Deutsche’s Bank’s decision to withdrawal from Russia could result in around 200 jobs lost as it is one of the biggest foreign banks in the country, with over 1,000 employees. | |
The lender is expected to retain a large part of its wealth management and technology operations in Russia. | The lender is expected to retain a large part of its wealth management and technology operations in Russia. |
Deutsche Bank is also under investigation by UK, US and German regulators on an alleged money laundering probe in the Russia. The internal investigations involve around $6 billion of Russian and UK trades. | Deutsche Bank is also under investigation by UK, US and German regulators on an alleged money laundering probe in the Russia. The internal investigations involve around $6 billion of Russian and UK trades. |
According to Reuters Bongartz’s departure was not linked to the investigation but part of a long planned promotion. | |
In April the bank announced a new five year strategy, with plans to reduce its ‘geographical footprint’ to focus on ‘key market and cities’. | In April the bank announced a new five year strategy, with plans to reduce its ‘geographical footprint’ to focus on ‘key market and cities’. |
More details are expected to be announced by the new chief executive John Cryan by the end of October. | More details are expected to be announced by the new chief executive John Cryan by the end of October. |
Deutsche Bank confirmed Bongartz’s relocation but declined to comment on the future of its Russian operations. | Deutsche Bank confirmed Bongartz’s relocation but declined to comment on the future of its Russian operations. |