Report - VTB Capital considering cutting most of New York staff

A final decision hasn’t yet been made.

Bloomberg News reports that VTB Capital, Russia’s largest investment bank, is considering cutting most of its New York staff if the U.S. imposes further sanctions over the conflict in Ukraine, two people with knowledge of the plan said.

The bank is reviewing whether to wind down its trading operations in New York, where it has about 40 employees, and leave just a representative office, the people said, asking not to be identified because a final decision hasn’t been made. The state-run company has already cut 100 overseas jobs this year, mainly in London and New York, one of the people said.

VTB Capital’s press service in Moscow and the head of its U.S. business, Paul Swigart, declined to comment.

The firm, a unit of VTB Group, Russia’s second-largest lender, received a license to trade stocks in the U.S. in 2011 and has the biggest business of any Russian bank on Wall Street.

The company canceled its annual U.S. investor forum scheduled for earlier this month as tensions flared over Ukraine, where clashes between pro-Russian militias and federal forces left three people dead over the weekend.

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VTB Said to Mull Shrinking NYC Office on Ukraine Crisis

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