Tags: Deutsche Bank | jobs | investment banking | deals

Deutsche Bank Said to Consider Cutting About 100 Jobs in Russia

Friday, 26 Jun 2015 10:24 AM

Deutsche Bank AG is considering cutting about 100 jobs in Russia as the country’s economic slump brings dealmaking to a halt, according to people with knowledge of the plan.

Deutsche Bank, one of the largest foreign securities firms in Russia with about 1,300 people, is weighing cuts across most divisions because trading and advisory work has slowed, said the people, who asked not be identified because the details are private. No final decision has been made and discussions are at an early stage, the people said.

A drop in the price of crude oil, the nation’s biggest export, has exacerbated the impact of international sanctions and high interest rates on Russia’s economy. Deutsche Bank collected about $1 million advising on Russian mergers and securities sales in the year through May 31, down from $16 million in the year earlier-period, according to data from Freeman & Co., a New York consulting firm.

“We dynamically manage all our businesses in line with our long-term, stated goals to reduce operating costs and further improve efficiency,” the bank said in a statement on Friday. “We continue to service clients and facilitate international investment in the local economy through our businesses in Russia.”

The contraction in Russian activity comes as Deutsche Bank prepares a firm-wide strategic review that’s focused on cutting costs and scaling back some investment banking activities. Deutsche Bank’s operations is Russia include two technology centers in Moscow and St. Petersburg.

The cuts under consideration at Deutsche Bank are not related to an internal probe into possible money laundering by Russian clients, one person said.

Deutsche Bank, based in Frankfurt, is reviewing transactions valued at about $6 billion over more than four years, people with knowledge of the situation said June 5. The Bank of Russia approached Deutsche Bank in October asking the firm to scrutinize the stock-trading activities of some clients in the country, said one of the people at the time.

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Deutsche Bank AG is considering cutting about 100 jobs in Russia as the country's economic slump brings dealmaking to a halt, according to people with knowledge of the plan.
Deutsche Bank, jobs, investment banking, deals
320
2015-24-26
Friday, 26 Jun 2015 10:24 AM
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