Deutsche Bank is closing its Russian corporate banking arm in Russia and send its regional chief, Joerg Bongartz, back to Frankfurt. The bank said Bongartz’s move was “long planned,” while the decision to close the corporate banking and securities unit “has been made in order to reduce complexity, costs, risks, and capital consumption,” according to a statement on Deutsche Bank’s website on Friday. Bongartz has been in Russia since 2006 and joined the bank in 1982, and he’ll have responsibility for Deutsche Bank’s Central and Eastern European businesses back at the Frankfurt headquarters. Beyond the complexity associated with having …read more
Source: Business Insider
