Deutsche Bank Reviews Russia IT Center as Ukraine War Escalates
(Bloomberg) -- Deutsche Bank AG is assessing options for its information technology hub in Russia, as the invasion of Ukraine raises question marks over the ability of foreign firms to continue to do business in the country.
The bank hasn't yet decided what action to take, if any, a person familiar with the matter said, who asked not to be named discussing private deliberations. Deutsche Bank employs more than 1,300 staff in IT center locations in Moscow and St. Petersburg, the vast majority of the lender's staff in the country.
The German lender joins a growing number of companies including banks that are reviewing how they will continue to operate in a country that has become the target of international condemnation and harsh sanctions after it invaded Ukraine. The German companies severing ties with Russia include carmaker Daimler AG, while Italian bank Intesa Sanpaolo Spa said Thursday it is reviewing its presence there.
“Russia is just one of multiple tech centers that we have around the world,” a spokesman said by email. “Clearly the Ukraine invasion will have an impact on the bank, as it will on many companies, but we have rigorously tested our operational resiliency and are confident that the day to day running of our trading business will not be affected.”
The Financial Times first reported the Deutsche Bank's review of its IT center in Russia.
©2022 Bloomberg L.P.
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