Deutsche Bank shares up 8% after U-turn to wind down Russia operations

A logo stands on display above the headquarters of Deutsche Bank AG at the Aurora Business Park in Moscow, Russia.

A major U-turn by the bank sent shares higher Monday.

The German bank said in an announcement late Friday that it was leaving the country in response to the invasion of Ukraine.

The move came a day after the CFO told CNBC that it was not practical to close its Russia business.

The shares ofDeutsche Bank jumped higher in the early hours of Monday.

The bank said in a statement that it is winding down its remaining business in Russia while it helps non-Russian multinational clients reduce their operations.

There won't be any new business in Russia.

Goldman, HSBC, and JP Morgan all announced last week that they would stop doing business in Russia, joining a host of major corporations that have distanced themselves from the country.

The CFO defended the bank's decision to remain operational in Russia because of its responsibility to its clients there.

We support our clients. For practical purposes, that isn't an option available to us. He said at the time that it wouldn't be the right thing to manage those client relationships and help them manage their situation.

Pressure is mounting on companies to support Western allies in boycotting Putin over the invasion of Ukraine.