Russian bank VTB Capital has reportedly slashed jobs across London and New York as part of its plans to restrict international growth ambitions in investment banking.
As part of the move, the bank has recently fired and moved up to 50 bankers in London and New York working in areas that include commodities, structured solutions and foreign exchange, the Financial Times has reported.
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The report added that the bank has been reducing its international investment banking workforce to about 1,250 staff from more than 1,300 in London.
Andrey Kostin, VTB group chief executive, said in December last year that the bank has been seeking to focus on growing its retail banking unit while considering cuts in the investment bank.
The job cuts come as the country’s takeover of the Ukrainian region of Crimea caused a political clash with the West and prompted the US sanctions against senior officials and Bank Rossiya.
Atanas Bostandjiev international chief executive VTB Capital said: "VTB Group has announced plans to reduce compensation costs at JSC VTB Bank and its investment business VTB Capital by 15% this year."
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