Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Home Credit and Finance Bank Forced to Lay Off Staff
16.01.2014 20:34
Home Credit and Finance Bank Forced to Lay Off Staff
Photo Credit: http://theautoonline.ru

Home Credit and Finance is forced to lay off staff to streamline costs amid weaker revenue and tougher standards introduced by the Central Bank, says Vedomosti.

      According to the newspaper, the bank is downsizing about 10 percent of the staff.

      Reductions apply to mid-level as well as rank and file employees, the newspaper quotes two fired managers as saying.

      Currently, the bank has a staff of 31,047.

      The Russian banking industry suffered a severe shock in the second half of 2013 when the Central Bank revoked licences from 25 lenders, including Master Bank, one of the top 100 Russian banks by assets.

      Following that, smaller Russian banks saw a capital outflow worth RUR 430 billion in November 2013 amid fears of further shakeups in the national banking sector.

      According to Vedomosti, customers relocated their deposits from minor banks to bigger ones, like Sberbank, VTB, Gazprombank or Unicredibank.

      November saw a growth in the volume of deposits by RUR 498 billion while the Top 100 lenders that control 82 percent of the deposit markets registered an inflow of RUR 928 billion. The difference is considered to be the amount that the smaller banks’ customers withdrew to avoid a possible collapse.

      To make things worse, the Central Bank has engaged in tough rhetoric, prompting many to reconsider their savings strategies.

      Big banks, including state-run Sberbank and VTB, have been among those who benefited most.

      The Central Bank launched a purge after former Economics Elvira Nabiullina took over chairmanship in July 2013.

       




Author: Mikhail Vesely

Tags: Home Credit and Finance Russian banks banking in Russia Central Bank Elvira Nabiullina 

Next Previous


You might also find interesting:

AliExpress will Sell Goods of Russian Retailers and Manufacturers
25.04.2019
Negotiations between Alibaba and Mail.ru Group on the Establishment of a Joint Venture are at an Advanced Stage
02.09.2018
Investors have Allocated $ 65 Million to Russian Funds over the Past Week
11.11.2018
Eco-friendly Transportation Campaign
20.01.2019
Russia has Made up a Schedule for Reducing Oil Production by Months
18.12.2018







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Russian business  child adoption in Russia  Festivals in Moscow  Moscow Theatres  Mercedes-Benz Fashion Week Russia  Kolyma  St. Petersburg  international competitions  IT  Parks of Russia  Russian Patrons of Art  Moscow cinema  Happiness is here  Siberia  Moscow parks  Russian politicians  Unusual Monuments  Nicolai Lilin  Tsaritsyno  Post-Revolutionary Writers  Stavropol Territory  Exhibitions in Moscow  suicide  Russian economy  Master Bank  Russian taxes  Music Festivals  Novgorod Region  Shipbuilding  Bolshoi  Pyotr Rychkov  Vladimir Vysotsky  Murmansk Region  Leonid Yarmolnik  Yandex  Exhibitions Fairs  Books  Russian science  Russian Literature  Meteor Shower  Omsk  Russian Cinema  Russian artists  Moscow  Russian history  Valery Gergiev  Pussy Riot  Ropsha Palace  Felt Boots  Russian tourism 


Travel Blogs
Top Traveling Sites