Frankfurt (Reuters) -Deutsche Bank came under fire on Friday because it still has ties to Russia, even though other institutions have cut ties with the country.
Germany’s biggest bank has resisted calls to cut connections after Russia’s invasion of Ukraine, insisting that it must continue to help global corporations doing business in Russia.
“We are often questioned why we are not entirely withdrawing from Russia. The response is that this would be inconsistent with our principles. “CEO Christian Sewing said this in a memo to Deutsche Bank (DE: DBKGn) employees on Thursday.
Bill Browder, an investor who has been trying to find out about corruption for years, said that Deutsche Bank’s continued presence in Russia “contradicts the world business community.” This would cause backlash, a loss of reputation, and business in the West.
“I’m astonished they can maintain this posture as the situation in Ukraine worsens,” Browder told Reuters.
Deutsche Bank announced in its annual report, Deutsche Bank announced that it would pay Sewing 8.8 million euros ($9.68 million) in 2021, a 20% increase over the previous year.
In all, the lender increased bonus payments by 14%, or 2.1 billion euros, in 2021, rewarding employees for the bank’s most successful year in a decade.
(1 dollar equals 0.9088 euros)
