Deutsche Bank to Close Its IT Center in Russia and Lay Off 500 Employees

Deutsche Bank is shutting down its remaining IT center in Russia and plans to dismiss 500 employees, Financial Times reports, citing sources.

About 500 employees of the IT-center that still remain in Russia will be offered to quit their jobs within six months with severance pay.

After the beginning of Russia’s full-scale invasion of Ukraine, the German group offered all of its employees in Russia the opportunity to move to work in Germany.

And given the Western sanctions against software in Russia, the bank wants to lay off the remaining staff in Russia within the next six months.