Bloomberg News

Russia's Sberbank May Cut Staff By 20 Percent

October 24, 2008

OAO Sberbank, Russia's biggest lender, may cut staff by 20 percent through 2014.

The reductions, which are part of one scenario in a development plan that is pending management approval, are aimed at ``increasing employee efficiency,'' spokeswoman Irina Kibina said today.

Kibina said the cuts could be achieved by reducing vacancies as part of a broader reorganization that would see employees working in data and administration moved into roles that involve working directly with clients.

``We don't have enough front office employees. People will be requalified,'' she said.

Sberbank could cut staff from 270,000 in 2007 to between 200,000 and 220,000 in 2013, as it seeks to boost net profit to 400 billion rubles by 2014, nearly 3.5 times what it was last year, the Kommersant newspaper reported today, citing what it said was the bank's development plan.

Kibina declined to confirm those figures or comment on the article.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net.

To contact the editor responsible for this story: Chris Kirkham at ckirkham@bloomberg.net


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