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VTB Bank announces 10% staff reduction

9 February 2010

VTB’s management has resolved to reduce its staff and vacancies both in the Head Office and the branch network by an average of 10%. The headcount reduction order was executed within the Expenses Optimization Program adopted by the Bank’s board in November 2008. Earlier, a staff increase moratorium was imposed under this program.

It is noteworthy that staff reductions will be conducted in strict compliance with the Russian labor legislation. Discharged employees will receive all guarantees and compensations prescribed by the law. They will also be offered vacancies in the Bank and VTB’s subsidiary companies, and assisted in search of new jobs, if necessary.

The main objective of the initiative is to harmonize the headcount with the recent changes in the Bank. The crisis demanded enhanced work efficiency, while some functions were optimized due to developments in operational and business processes as well as in new information technologies.

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