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Germany’s biggest bank is winding down its operations in Russia, joining a list of Western firms heading for the exit after Moscow’s invasion of Ukraine.
The bank had about 1,500 technology workers at centres in Russia, accounting for about 10% of its global workforce.
Two people with knowledge of the matter said staff had already relocated from Russia to the new Berlin hub. They both said “hundreds” of staff had moved, without giving a precise figure.
“Growing our presence in Berlin will attract talent,” said Bernd Leukert, a board member who oversees technology.
The bank’s hub in Berlin, which has lured an increasing number of technology startups and international firms, will support Deutsche’s investment and corporate banking divisions.
In addition to the hubs it has operated in Russia, Deutsche has technology centres in India, Romania and the United States.
