The number of employees at Russia’s largest banks grew by 5.5 percent in 2024, according to an analysis by Kommersant based on data from financial institutions.
At Sberbank, staffing rose by a modest 3.9 percent. However, other major institutions — including Gazprombank, T-Bank, DOM.RF Bank, and MTS Bank — reported increases of between eight and 10 percent.
In some cases, growth was driven by mergers. VTB’s workforce expanded by 13 percent following its integration with Pochta Bank, while Sovcombank saw a 24 percent increase after merging with HCF Bank.
At the same time, several banks, particularly those with foreign ownership, cut staff. Raiffeisenbank reduced its headcount by nearly 11 percent, UniCredit Bank by almost 18 percent, and OTP Bank by two percent.
Wages across the banking sector also rose faster than inflation. At the same time, some banks, including Sberbank and MTS Bank, have increasingly turned to stock-based compensation, with equity awards accounting for as much as a quarter of total pay in some cases.
Still, early 2025 brought signs of a shift. In January, sources told CNews and Vedomosti that subsidiaries of Sberbank had begun large-scale layoffs, including in IT departments.
