VTB's Swiss commodities trading unit to cut jobs – Bloomberg

VTB Bank PJSC's unit in Switzerland, VTB Commodities Trading, will lay off the majority of its employees, Bloomberg News reported, citing sources.

The Russian lender's unit, which employs about 60 people, will retain some staff to liquidate any remaining assets, people with knowledge of the matter said. The commodities trading business started unwinding roles in base-metal trading in the wake of international sanctions against Russian banks.

VTB Commodities Trading is yet to announce which of its staff members will be laid off, the sources added.

VTB considered pulling out of its European business in the wake of Russia's invasion of Ukraine.

VTB representatives did not return any response to email requests for comment and could not be reached by phone about the planned layoffs, according to Bloomberg.