Deutsche Bank Scales Back Onshore Investment Banking In Russia

Deutsche Bank said on Friday that it will scale back its investment banking operations out of Russia, as the German lender’s new co-chief executive John Cryan looks to reshape its business.

The proposed closure will be largely complete by year-end and will result in about 200 job losses.

DB to trim onshore securities operations in Russia

The German lender said it would close its onshore corporate banking and securities operations in Russia. However, hundreds of other Deutsche Bank employees who work in Russia in technology, cash management and certain other financing services for institutions such as banks and corporations are expected to stay in place.

Deutsche Bank will now provide core investment banking,...