Bloomberg News reports that Deutsche Bank, one of the largest foreign securities firms in Russia with about 1,300 people, is weighing cuts across most divisions because trading and advisory work has slowed, said the people, who asked not be identified because the details are private. No final decision has been made and discussions are at an early stage, the people said.
A drop in the price of crude oil, the nation’s biggest export, has exacerbated the impact of international sanctions and high interest rates on Russia’s economy. Deutsche Bank collected about $1m advising on Russian mergers and securities sales in the year through May 31, down from $16m in the year earlier-period, according to data from Freeman, a New York consulting firm.
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