The Financial Times reported that Deutsche Bank (DBKGn.DE) closed its software technology operations in Moscow and St. Petersburg on Wednesday to eliminate its two-decade dependency on Russian IT expertise.
According to sources, the bank has handed 500 Russian IT professionals individual severance packages and aims to fire them in six months.
As investors and politicians criticized Russia’s “special military operation” in Ukraine, Germany’s largest bank said it would exit Russia last year.
Handelsblatt said that the lender moved several hundred Russian IT workers to Berlin in June 2018.
The insider said Deutsche Bank has not publicly chosen to liquidate its Russian IT division, but it is a done deal internally.
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