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Russian Banks Scale Back London Growth Plans as Sanctions Bite

Russia’s biggest lenders are scaling back their London investment banking ambitions as sanctions curb deal-making and deter clients from trading with them.

OAO Sberbank, the country’s largest lender, recently cut seven bankers in its London office, reducing staff there to about 40. On Wednesday it said it will also cut management roles in response to the economic slump. VTB Group, the country’s second-biggest lender, continues to reduce personnel in London after cutting 55 jobs in Europe last year, starting off 2015 with a workforce of 425.