VEB.RF will cut 20% of its staff – Kommersant
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VEB.RF is launching its fourth reorganization in five years, sources told RBC. Up to 600 people could be laid off – approximately 20% of the total workforce (2,700 people). The reductions will affect not only the parent structure, but also its subsidiaries (including ProShkola and ProGorod).
The result of the reorganization should be a reduction in costs. VEB.RF wants to focus “on the tasks of the new economic cycle while increasing efficiency, and this is improving the quality of corporate governance and productivity,” the source said RBC.
According to the source, since 2018, when the state corporation was headed by Igor Shuvalov, “the issuance of loans and the provision of guarantees in relation to the share of GDP” has increased almost fourfold. “The cost of asset management is 0.7x, which is below the market average,” he added.
Since 2018, VEB.RF has repeatedly announced cuts. In the first year under Igor Shuvalov, the number of employees in the head structure of the state corporation decreased from 1.8 thousand to 1 thousand. Later, the state corporation planned to cut another 500 people. In 2019, about 2.5 thousand more people were laid off not only at VEB.RF, but also at three subsidiaries integrated into the parent organization – VEB Leasing, VEB Service and VEB Capital. In 2020, Mr. Shuvalov announced a reduction of another 10% of employees.
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