Deutsche Bank to scale back business in Russia

Moscow

GERMANY'S Deutsche Bank confirmed on Friday that it is closing part of its business in Russia, where it has been hit by sanctions and investigations into share trades, as part of a review of its global structure.

The bank said it would close its corporate banking and securities business in Russia, while its Russian corporate finance and markets businesses will operate from international hubs instead. Two people familiar with the bank said it planned to cut around 200 jobs in Russia from a current total of around 1,300.