VTB Said to Mull Shrinking NYC Office on Ukraine Crisis

VTB Capital, Russia’s largest investment bank, is considering cutting most of its New York staff if the U.S. imposes further sanctions over the conflict in Ukraine, two people with knowledge of the plan said.

The bank is reviewing whether to wind down its trading operations in New York, where it has about 40 employees, and leave just a representative office, the people said, asking not to be identified because a final decision hasn’t been made. The state-run company has already cut 100 overseas jobs this year, mainly in London and New York, one of the people said.