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.
“The bank is facing unprecedented challenges due to the geopolitical context,” the unions Aleba, OGBL and LCGB said in the statement. The agreement was reached on …