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Russia's VTB Bank to cut a third of London staff, CEO says

VTB Bank (PJSC) intends to cut a third of its London-based workforce, CEO Andrey Kostin told Bloomberg Television on May 25.

The Russian government-controlled bank is planning to shrink its London office "substantially" as the operating environment is becoming more difficult, Kostin said. He said, though, that VTB will continue to view London as a major financial center and that the bank "will try to continue to work there."

When asked if Brexit impacted the decision, Kostin said the London office "is not working so much for Europe" but instead focuses on territories like India, Africa and Asia. The bank operates in London through VTB Capital PLC.

Kostin said the recent sanctions imposed on Russian companies are aimed at "killing enterprises." He said, "The government should intervene, I think, at a certain stage, if [companies] would need support."

However, the bank had not yet helped sanctioned companies and individuals since "it's dangerous for us," Kostin said.