Deutsche Bank’s plan to shut down its IT operations in Russia

Deutsche Bank plans to shut down its remaining software technology operations in Moscow and St Petersburg as it seeks to end its reliance on Russian IT expertise, according to the Financial Times. 

The bank is offering individual severance packages to its 500 IT professionals in Russia, with the aim of shedding staff in the next six months. Deutsche Bank had previously announced its plans to wind down its Russian business last year after criticism from some investors and politicians in the aftermath of Russia’s invasion of Ukraine. The bank has already relocated several hundred Russian IT experts to Berlin. Although Deutsche Bank has not made a formal decision to conclude its Russian IT operations, the proposed course of action is perceived as being a matter of fact within the organization.