Deutsche Bank has announced it will close its remaining IT operations in Russia.

The German bank reportedly employed 1,500 IT staff in Russia across offices in Moscow and St Petersburg prior to the country’s invasion of Ukraine.

Last year, around 700 of the employees were relocated to Deutsche Bank’s base in Berlin, with the bank now offering employees remaining in Russia voluntary redundancy packages which can be taken up within half a year, sources told the Financial Times (FT).

While Deutsche Bank has not formally announced it will completely shut down IT operations in Russia, people familiar with the matter said it was practically a “done deal”.

“We continue to de-risk our operations in the Russia Technology Centre and have expanded the options available to our employees to include leaving by mutual agreement alongside relocation and remaining on the platform,” the bank said in a statement seen by the FT, adding that the process was “in full compliance with relevant Russian legislation”.

Amid a mass exodus of companies from Russia, the country’s VTB bank recently claimed it would “bounce back” to profit in 2023 from the effect of sanction-induced losses.

Dmitry Pyanov, deputy board president and chief financial officer of VTB reportedly told Russian reporters: "The stress has passed, the tears have been shed.”

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