Sanctions are taking a bite out of Alfa ban, which has Mikhail Fridman as its larges shareholder. The bank announced that it is closing its New York office and is trimming its London operations, according to Bloomberg. Alfa’s spokesman said it was necessary, given the “level of interest in the Russian market.” Sanctions have been hitting Russia hard, as Russian companies have been limited in International market’s given the company’s ongoing conflict with the Ukraine. Investment banks have seen a 52% decrease in fees for most of 2014.
Alfa bank will still have a London office, but there will be cuts. The Cyprus office, which has 40 employees, will not be impacted.
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