Deutsche Bank is mulling a wholesale restructuring of its Russian operations according to recent media reports.
The UK-based Economic News Daily says the bank’s plans contemplate deep cuts to Deutsche Bank’s Russian trading and investment-banking business.
Money laundering concerns
Concern about potential money-laundering by Russian clients, through equity trades handled by Deutsche Bank, has urged an internal review and investigations by European and US regulators according to the report.
It is unclear whether the review will contemplate cuts in the bank’s trade finance provision.
The bank said in July that it was reviewing the activities of its trading and investment activities while reports have emerged that Deutsche Bank is being investigated by UK, US and German regulators over whether its Russian operations have breached anti money-laundering laws.
Sources reportedly say that the bank could cut as many as 200 jobs in its Russian operations and may also be contemplating cuts in other jurisdictions.
Categories: Trade Based Financial crimes News