Deutsche Bank Shares Surged After Announcing Slow Down in Russian Operations
Mar 14, 2022 By MarketDepth
Deutsche Bank (NYSE: DB) shares surged 12% after announcing plans to slow down its Russia operations amid the ongoing war. The German firm is currently helping its non-Russian multinational clients roll back their activity. The action comes after intense backlash for previously opting to stay in the country following its invasion of Ukraine.
“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. There won’t be any new business in Russia.”Deutsche Bank said Friday in a statement
“There won’t be any new business in Russia,” it added.
Institutions Leaving Russia
Similarly, big name institutions such as Goldman Sachs, JPMorgan Chase and HSBC, also announced that they would be scaling down operations in Russia as major corporations continue to distance themselves from the country. Nevertheless, according to Bloomberg, the company’s CEO Christian Sewing explained to staff that the bank could not completely pull out of Russia.
“We are often asked why we are not withdrawing completely from Russia. The answer is that this would go against our values. We have clients who cannot exit Russia overnight. And, as far as we can, we will continue to also support them, too, at this difficult time.”Sewing said in the memo, according to Bloomberg