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No further job cuts for Deutsche Bank in Russia, country head says

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No further job cuts for Deutsche Bank in Russia, country head says

Deutsche Bank AG has completed the transformation of its Russian business and plans no further job cuts in the country, Chief Country Officer Borislav Ivanov told Reuters.

The German lender had previously scaled back its investment banking business in Moscow as a part of a global restructuring, according to the May 29 report.

Ivanov, who replaced Annett Viehweg in June 2017, reportedly said Deutsche Bank now has 1,250 employees in Russia, comprising 200 bankers and more than 1,000 staff under TechCentre, the bank's unit providing global IT services.

"Russia is a priority for us," Ivanov told the newswire, adding that the bank will now focus on its commercial banking operations. His comments come days after Deutsche Bank unveiled a plan to ax about 7,000 jobs globally in a bid to cut costs and boost profitability.