Russian Bank in Heart of EU Lays Off Half of Workforce

East West Bank said to have faced ‘unprecedented’ challenges
Bank provided wealth management advice to Russian clients

The financial district in Luxembourg.Photographer: Olivier Matthys/Bloomberg

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By Stephanie Bodoni

November 10, 2022 at 12:57 PM UTC

Updated on

November 10, 2022 at 4:33 PM UTC

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East West United Bank, one of the biggest Russian lenders in Luxembourg, will cut about half of its workforce amid “unprecedented challenges” following the Kremlin-led invasion of Ukraine.

The bank, which was established in the Grand-Duchy in 1974, reached an accord to help protect its remaining staff and keep operating, Luxembourg’s main trade unions said in a joint statement on Thursday. Between 32 to 44 of the bank’s 80 employees will be let go.