Investor Scrutiny Prompts Deutsche Bank to Drop Business in Russia

Investor Scrutiny Prompts Deutsche Bank to Drop Business in Russia

Amidst criticism from investors, Germany's largest banking institution is the latest international company to sever ties with Russia, just one day after saying it would not do so.

Deutsche Bank, which had estimated global assets of $1.3 trillion in 2020, according to Statista, had been one of the holdouts among the banking industry in regards to a Russian exodus. Other large financial conglomerates such as JPMorgan Chase and Goldman Sachs had previously announced they would halt business in Russia.

Despite the mass condemnation of Russia by the international banking community, Deutsche Bank CEO Christian Sewing said in a letter to staff on Thursday that his company would not withdraw from the country, in a move also defended by the bank's chief financial officer.