The head of Deutsche Bank’s Russian operations is heading back to Germany as the bank is reportedly terminating its Russian operations, financial sources said on Monday.
Joerg Bongartz will be relocating from Moscow to Frankfurt as Germany’s largest bank plans to cut its Russian operations by 90 per cent, a source told Reuters.
Bongartz, who has been in charge of Deutsche’s Russian operation since 2006, will reportedly move to Frankfurt to focus on business in central and Eastern Europe, the bank said in a statement over the weekend.
Deutsche’s Bank’s decision to withdrawal from Russia could result in around 200 jobs lost as it is one of the biggest foreign banks in the country, with over 1,000 employees.
The lender is expected to retain a large part of its wealth management and technology operations in Russia.
Deutsche Bank is also under investigation by UK, US and German regulators on an alleged money laundering probe in the Russia. The internal investigations involve around $6 billion of Russian and UK trades.
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According to Reuters Bongartz’s departure was not linked to the investigation but part of a long planned promotion.
In April the bank announced a new five year strategy, with plans to reduce its ‘geographical footprint’ to focus on ‘key market and cities’.
More details are expected to be announced by the new chief executive John Cryan by the end of October.
Deutsche Bank has declined to comment.
