Good morning! Here's what you need to know on Tuesday.
Russia's VTB bank became the first official banking casualty of Brexit. The bank will relocate its European headquarters to another city, the Financial Times reports. " “We did have bigger plans for the London office, but after Brexit we are scaling them down and building them up elsewhere," VTB's CFO Herbert Moos said.
VTB, Russia's second largest bank, may leave the London stock exchange and instead list on Chinese market exchange.
Alexey Yakovitsky, chief executive of the Russian investment bank VTB Capital, said in an interview that troubles in the euro zone economy were "undermining the European banking system" and creating opportunities for banks like his.
Investment banks have already warned they could move thousands of jobs if the City loses access to the E.U.'s single market
Deutsche Bank was given special treatment by the European Central Bank during recent stress tests carried out on Europe's biggest banks, as first reported by the Financial Times on Monday. The FT's Laura Noonan, Caroline Binham, and...