Deutsche Bank has no near-term plan to exit Russia

By:
on Mar 10, 2022
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  • Deutsche Bank's CFO says it's not practical to cease operations in Russia.
  • James von Moltke reiterates Deutsche Bank has limited exposure to Moscow.
  • Goldman Sachs and JPMorgan announced plans of quitting Russia today.

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The corporate world, in recent weeks, has been pulling out of Russia in response to Putin’s military operation in Ukraine, but Deutsche Bank AG (NYSE: DB) seems to have a different stance.

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Deutsche Bank to continue operations in Russia

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According to CFO James von Moltke of the German investment bank, it’s not “practical” to cease operations in Russia. This morning on CNBC’s “Squawk Box Europe”, he said:

We’re there to support our clients. So, for practical purposes, that isn’t an option available to us. Nor would it be the right thing to do in terms of managing those client relationships and helping them to manage their situation.

He, however, confirmed that Deutsche Bank will reconsider its response if geopolitical tensions continue to escalate, making its clients terminate their business in Russia.

Deutsche Bank has limited exposure to Russia

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The finance chief also reiterated that Deutsche Bank had “very limited” exposure to Russia and that the German multinational had successfully managed the market risk from the Ukraine war. He added:

The market will always react to a crisis and the scenarios that unfold and look at the downside scenarios first. I think then, over time, we’re able to provide more information, we’re able to talk about our trajectory.

In contrast, both Goldman Sachs and JPMorgan on Thursday announced plans of winding down operations in Russia.

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