Massive layoffs in Russia got to Sberbank
Russian media report on widespread layoffs at major state-owned enterprises in Russia. Following Gazprom, layoffs have now begun at Sberbank, the country’s largest financial institution.
Reports indicate that four of Sberbank’s subsidiaries started downsizing in December under the pretext of “budgetary savings and orders from above.” IT specialists have been targeted, with plans to cut 30–50% of the workforce.
In the past, Russia’s major corporations could rely on government support during economic crises. Now, they are being forced to cut costs to survive, as the Kremlin diverts massive resources to fund the war.
