- Joerg Bongartz said to be moving to Frankfurt from Moscow
- Deutsche Bank has more than 1,000 employees in Russia
Deutsche Bank AG’s chairman of the board of its Russian business is relocating to Frankfurt from Moscow as Germany’s largest bank weighs cutbacks to its operations in the country, according to two people with knowledge of the situation.
Joerg Bongartz will be replaced by Annett Viehweg, said one of the people, who asked not to be identified as the details are private. Bongartz didn’t return calls seeking comment. A spokesman for Deutsche Bank in London declined to comment.
Deutsche Bank, which is one of the largest foreign securities firms in Russia, with more than 1,000 employees, is considering cutting about 100 jobs in the country after the economic slump undermined dealmaking, people with knowledge of the plan have said. The lender is also embroiled in an alleged money-laundering probe in the country, according to people familiar with the matter.
Deutsche Bank said earlier this year it had suspended a “small number” of people employed in its Moscow equities trading operation, pending the results of an internal review. The lender’s probe focused on whether $6 billion in trades in Moscow and London were part of a possible money-laundering scheme by Russian clients, people familiar with the matter have said.