Deutsche Bank has said it will wind down its Russia operations, in a major U-turn that sent shares higher Monday.
The German bank announced that it will close its operations in Russia and cease all operations there.
The move marks a major U-turn from Thursday, when CFO James von Moltke defended the bank's decision to remain operational there.has said it will wind down its Russia operations — a major U-turn that sent shares higher Monday., the German bank said it was joining a host of international peers in exiting the country in response to its invasion of Ukraine and resultant operational restrictions.
"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," the bank said in a statement announcing the departure.
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