VTB Capital announces new CEO as Bostandjiev departs

VTB Capital International Chief Executive Officer Atanas Bostandjiev, who heads overseas operations at the investment bank, will be leaving the company after three years.

Bloomberg News reports that Chief Financial Officer Nick Hutt has been appointed interim CEO of the unit, VTB Capital’s press office said in an e-mailed statement late yesterday.

VTB Capital International has missed its profitability targets for the past five years, Bostandjiev said in an internal memo to Yuri Soloviev, deputy CEO of parent VTB Group, in November. Bostandjiev proposed shutting the equity derivatives, commodities and structured credit trading groups, cutting the client roster to 300 from about 1,000 and eliminating 231 of 556 jobs, according to the document.

To access the complete Bloomberg News article hit the link below:

VTB Capital International CEO Atanas Bostandjiev Leaving

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