Beyond Deutsche: U.S. Banks Also Implicated in Dubious Partnerships Abroad
CRISTINA MAZA, 24 February 2020
Evgeny, a retiree from the Russian city of Vladimir, always believed that the U.S. financial system had integrity. In particular Citibank, to him, was no Deutsche Bank, a bank known for getting in bed with dubious investors. And that belief, Evgeny says, may have led to his financial ruin.
The 63-year-old worked for years as a manager in the construction industry, and eventually he became a member of Russia’s minuscule middle class. He planned to retire in 2018 with roughly $100,000 in savings, the product of a lifetime of toil. For almost a decade he deposited his savings in one of Russia’s largest and most reputable financial institutions: Promsvyazbank. Evgeny was one of the bank’s top-tier clients, and he believed that he was on a path to financial stability for himself and his family. Continue reading “Article: Beyond Deutsche: U.S. Banks Also Implicated in Dubious Partnerships Abroad”
