Deutsche Bank has relocated hundreds of its Russian-based IT specialists to Germany following the Russian invasion of Ukraine, according to the Financial Times reported Tuesday.
The Frankfurt-based bank has relocated about half of its 1,500 highly skilled software developers based in Moscow and St. Petersburg and their families over the past three months, citing hardship caused by war and Western sanctions that followed against Russia.
The bank did not say what it plans to do with its remaining IT presence in Russia.
“We continue to examine our options there. [in Russia]a senior bank executive told the Financial Times.
Deutsche Bank has relied heavily on Russian tech workers in the two decades since it opened its tech center there. Russian workers make up about a quarter of its investment bank’s in-house IT staff.
But when Russian President Vladimir Putin ordered his troops across the border into pro-Western Ukraine on Feb. 24, the bank began looking for ways to limit the impact of war on its computing capabilities.
The bank insists that the relocation of its Russian employees was “not an evacuation”, but “a normal relocation of staff” on “a size and scale far beyond what we would normally deal with”, said a source close to the bank. .
“We went to great lengths to make sure everyone understood that [moving to Germany] was optional,” another source involved in the relocation told FT.
In total, about 2,000 people officially immigrate to Germany, according to FT.
The departures are part of a wider brain drain from Russia in the three months since the invasion of Ukraine and deal a further blow to Russia’s efforts to cultivate a competitive tech sector at home. global scale.
It is estimated that more than 300,000 Russians have left the country since February, around 70,000 including highly qualified IT specialists.
Many IT workers who left cited opposition to war and fears of economic hardship and possible mass military mobilization, as well as Western sanctions and tech company exits making working in IT extremely hard.