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Russian Bank VTB’s Swiss Commodities Unit Lays Off Workers

  • Employees in Zug were told most of office would lose jobs
  • Bank had been unwinding trading positions following sanctions

The commodities-trading arm of Russia’s VTB Group told its staff in Switzerland that the majority of them would lose their jobs, according to people with knowledge of the matter.

About 60 people are employed by VTB Commodities Trading in Zug, Switzerland. Some employees will be retained in order to liquidate any remaining assets, the people said, asking not to be identified because the information is private.