Sberbank, one of Russia's largest financial institutions, is undergoing significant layoffs and restructuring, primarily affecting its information technology divisions and associated subsidiaries. These sweeping changes come as the bank seeks to optimize costs and boost profitability amid challenging financial circumstances.
According to reports, the layoffs began at the end of 2024 and have continued throughout January 2025. Substantial cuts are impacting various subsidiaries under Sberbank’s Ecom.tech umbrella, including companies like Kuiper, Samokat, Megamarket, and Sberlogistika. Insider sources indicate the total number of employees laid off could reach around 1,600, which constitutes about 20% of the workforce within the IT divisions.
The restructuring has been characterized by the management's decision to implement layoffs systematically, initiating the first phase with up to 45% of certain teams being reduced, followed by additional cuts of about 9%. Employees have reported being informed of these decisions often without much warning, raising concerns over job security throughout the organization.
Employees at Sberbank have expressed mixed feelings about the layoffs. Some acknowledge the management's efforts to handle redundancies respectfully, stating, "The leadership seeks to demonstrate financial sustainability." Others, feeling left uncertain about their futures, mention the emotional toll these layoffs have caused.
Particularly affected sectors include the Ecom.tech division, which entails platforms and services integral to Sber's Internet and delivery services. For example, as much as 20% of technology staff at the delivery service Kuiper have been let go, translating to approximately 200 positions. Similarly, Megamarket has seen about 25% of its IT staff downsized as the service struggles with persistent financial losses.
The decisions to restructure stem from various operational necessities, primarily the need to streamline expenditures and align with market demands. According to multiple sources, this direction is viewed as obligatory for safeguarding long-term profitability. One source noted, "Mass layoffs have become part of the broader trends within the Russian job market," a reflection of the growing competition and economic stress felt across sectors.
Another poignant aspect of this restructuring is the varied impact it has had across Sberbank's subsidiaries. Notably, the Kuiper service, even with its reduced workforce, has reported maintaining strategic goals, unlike other units facing steeper cuts and greater uncertainty.
With management emphasizing planned and systematic adjustments, many employees have been offered severance packages ranging from two to six months of salary, depending on their role and tenure. This approach, aimed at mitigating backlash, has sparked discussions within the IT Workers Union, which openly advises those affected to brace themselves for difficult conditions within the labor market for 2025. "We recommend preparing for tough labor market conditions," remarked union representatives, hinting at the potential challenges facing displaced workers.
Despite the turmoil, Sberbank's leadership has asserted its financial success on several fronts, claiming to serve over 109 million individuals across Russia and achieve significant milestones, such as raising deposit rates to competitive levels and mounting competition for leadership within the stock market.
Looking forward, comments from various sources suggest the current wave of layoffs may have larger repercussions, potentially affecting Sberbank’s reputation as one of the leading IT employers within the country. The anticipated oversaturation of qualified candidates seeking positions could worsen competition, particularly for lower-level roles. The firms will need to adapt quickly to new dynamics as firms navigate their local industries under shifting political and economic conditions.
Consequently, the future remains uncertain for the thousands of workers affected by Sberbank's restructuring ambitions. Indeed, as the institution charts its path forward, both employees and observers will be watching closely to see how these changes reshape the broader labor market and the tech sector within Russia.