Deutsche Bank Set To Close IT Operations In Russia

Deutsche Bank is winding down its remaining software technology operations in Russia’s Moscow and St Petersburg.

This is as it looks to end its two decades of reliance on Russian IT expertise, the Financial Times has reported.

The bank has offered individual packages to the 500 IT professionals still left on its payroll in Russia.

And it wants to shed the staff in the coming six months, the report said on Wednesday.

The German's biggest bank had said it would wind down its Russian business after it faced stinging criticism from some investors and politicians for its ties to the country in the wake of the invasion of Ukraine.

The bank subsequently started relocating several hundred Russian IT experts to Berlin, with Handelsblatt reporting that a number of the IT experts had moved as of June last year.

Russia invaded Ukraine last year and since then, it has faced plenty of sanctions with many companies and organisations also leaving the country.