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VTB plans certain staff reductions in London, West Europe due to sanctions

The reduction will not be large, only in operations which are of little demand now, VTB head Andrey Kostin says

VTB head Andrey Kostin ITAR-TASS/Zurab Dzhavakhadze

VTB head Andrey Kostin

© ITAR-TASS/Zurab Dzhavakhadze

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WASHINGTON, October 13. /TASS/. Russia’s Vneshtorgbank Group (VTB) will have certain staff reductions in London and West Europe due to sanctions, VTB head Andrey Kostin told reporters on Monday.

“Clearly, there are operations, first of all those in investment banking, which are not of high demand now. We also experience limitations with access to capital, but, probably, operations like IPO, placements of shares and bonds in the international market — those operations are declining now, thus we shall have to make certain staff reductions,” he said.

“We shall reduce our staff in London, in Western Europe, but the reduction will not be large, only in operations which are of little demand now, but generally we shall keep the base, as we believe the situation will change in a year or two, and the people involved are the base of our bank and they will be of demand,” he said.

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