Deutsche Bank reversed its stance on Russia, announcing on March 11 that it was unwinding its business in the country following mounting criticism from investors after its CEO said the bank would not withdraw its presence.

                By                    Yaёl Bizouati-Kennedy

See: What Is Investment Banking? Learn What Investment Banks DoFind: Does Your Portfolio Contain Exposure to Russia?

“As we have repeatedly said, we condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom,” Deutsche Bank said in a statement posted on its website.

“To clarify: Deutsche Bank has substantially reduced its Russian exposure since 2014. Like some international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations. There won’t be any new business in Russia,” the statement said.

More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.

A day earlier, Chief Executive Officer Christian Sewing had said in a memo to staff that the bank wouldn’t pull out of Russia, according to Bloomberg.

“We are often asked why we are not withdrawing completely from Russia,” Sewing said in the memo, according to Bloomberg. “The answer is that this would go against our values. We have clients who cannot exit Russia overnight. And, as far as we can, we will continue to also support them, too, at this difficult time.”

Read: Goldman Sachs Becomes First Wall Street Giant To Exit Russia

Deutsche Bank shares jumped higher in early Monday trading, up over 8% as investors acknowledged the turnaround, CNBC reported. 

As for Citigroup, it said on March 9 that it is continuing its previously announced efforts to exit its consumer banking business in Russia.

“As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations,” Edward Skyler, executive vice president, Global Public Affairs, said in a statement on the bank’s website.

  • 10 Best Cash Advance Apps That Cover You Until PaydayWhat Happens to Social Security When You Die?The 10 Best Balance Transfer Credit Cards for 2023Experts: 4 Safest Places To Keep Your Savings