Deutsche Bank is reportedly preparing to wind down its software operations in Russia, offering severance packages to the 500 IT staff on its pay roll in Moscow and St Petersburg.
The move, as reported by the Financial Times, ends two decades of reliance on Russian software expertise.
Germany's biggest lender has a major technology centre in Russia which at one point housed 1500 staffers, developing and maintaining software for the global trading business as well as the corporate banking system.
Facing criticism for its initial reluctance to pull out of Russia, the bank undertook stress testing and disaster recovery exerciss last year as it faced up to possibly losing the site
The lender subsequently started relocating several hundred Russian IT experts to Berlin, with Handelsblatt reporting that a mid-three-digit number of the IT experts had moved as of June last year.
Deutsche Bank has not yet made the formal decision to completely shut down its remaining Russian IT operations but the move is considered a done deal internally, the FT said, citing people familiar with the matter.
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