What’s Happening With Deutsche Bank As Shares Slide 7%
ForbesNov 27, 2022
The Facts
The Financial Times reported on Wednesday that Deutsche Bank is winding down its remaining software technology operations in Moscow and St. Petersburg, a move that will end its two decades of reliance on Russian IT expertise in the next six months.
While Germany's biggest lender hasn't yet formalized the decision to completely shutter its IT operations in Russia, the move is reportedly a done deal internally.
The Spin
Anti-Russia narrative
Deutsche Bank has rightfully made multiple statements condemning Russia’s invasion of Ukraine and has been working to wind down its Russia-related activities. While completely shuttering all Russian business couldn't happen overnight, the bank has taken the necessary step to reduce its dealings and reliance on Russian technology.
Pro-Russia narrative
Deutsche Bank has been waffling as it looks to comply with the West’s anti-Russian stance while maintaining its financial benefits from Russian technology. That’s why the German lender quietly offered to relocate hundreds of its Russian employees. Deutsche Bank wants to leave Russia, but it needs Russians to grow its technology center.
