Russian banks said to cut jobs in London

way out

Russia’s biggest banks are scaling back their London investment banking ambitions as sanctions curb deal-making and deter clients from trading with them.

Bloomberg News reports that OAO Sberbank recently cut seven bankers in its London office, reducing staff there to about 40.

On Wednesday it said it will also cut management roles in response to the economic slump. VTB Group continues to reduce personnel in London after cutting 55 jobs in Europe last year, starting off 2015 with a workforce of 425.

Even some Russian banks not sanctioned are retrenching. Alfa Bank, the firm backed by billionaire Mikhail Fridman, has cut headcount in the British capital after shuttering its New York office. Otkritie Financial Corp., Russia’s fifth-largest lender, cut staff at its London brokerage unit in April.

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

Russian Banks Scale Back London Growth Plans as Sanctions Bite

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