Austerity Cuts at Sberbank

Professional ServicesBanks ♦ Published: November 13, 2013; 20:06 ♦ (Vindobona)

Russian Sberbank aims to become more efficient. The management cuts about a tenth of the jobs.

Austerity Cuts at Sberbank / Picture: ©

Until 2018, Sberbank aims to reduce its workforce by 10%. In total, 30,000 jobs will be cut, Sberbank´s CEO German Gref said. In the next five years, Sberbank´s net income is projected to double. In the same period, costs should be reduced by € 2.3bn. Last year, Sberbank´s net income reached € 8.8bn.

Sberbank, which is Russia´s largest banking group, operates 20,000 bank…