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Russia / Big Companies Cutting Staff

A slew of announced layoffs is rattling the domestic labor market, threatening to further undermine a weak economy.

Russia’s two largest banks, state-owned Sberbank and VTB, have joined the country’s biggest carmaker, AvtoVAZ, in declaring significant staff reductions in the upcoming months.

VTB Group disclosed last month that it would cut employees and the salaries of remaining staff at its core business, VTB bank, and its investment arm, VTB Capital, by 15 percent.

“Now is a poor time. We do not expect any increase in profit this year,” VTB bank president Andrei Kostin said at the World Economic Forum in Davos late January.

Chosen excerpts by Job Market Monitor. Read the whole story at Big Companies Cutting Staff in Gloomy Economy | Business | The Moscow Times.

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