U.S. bank Goldman Sachs (GS.N) has cut staff in Russia in the past few months and more cuts are expected by the end of the summer, sources familiar with the layoffs told Reuters.
One source said Goldman had sacked traders, back office staff and investment bankers in the past few months.
One Goldman stock trader was fired in May, a second source said.
A source at Goldman said the U.S. bank was making job cuts across the world but that in Russia it was mainly cutting investment-banking jobs as there were no deals.
The third source estimated Goldman was cutting over 10 percent of its Russian staff. Two sources said more cuts would follow by the end of the summer.
A Goldman Sachs representative declined immediate comment.