Russia’s Alfa Bank is set to shut down its capital markets office in New York, and slash jobs in London, reports Bloomberg.
In the recent times, Russian companies have been shut out of international capital markets due to US and European Union sanctions. The sanctions have been imposed as a response to the Russia’s involvement in the Ukraine conflict.
The New York operation, Alforma Capital Markets, was established in 2001. It comprises four employees, all of them salespeople, with trading carried out in London.
The bank’s Moscow-based spokesman Leonid Ignat said, "We are closing the New York sales office, which is a reflection of the level of interest in the Russian market. We will be maintaining our London office, but there will be some adjustments."
The spokesman added that the bank’s Cyprus office, comprising a workforce of 40, would remain unaffected.