Major Russian Companies Lay Off Workers Due to Financial Problems

More than 40% of Russian enterprises are cutting personnel costs due to economic stagnation and declining revenues. One in ten large companies is preparing layoffs, including Russian Railways, Sberbank, and VTB, which have already laid off thousands of employees. In July, the share of companies reducing personnel costs nearly doubled. Russian Railways plans to cut 15% of its central office (6,000 people), VTB is reducing 10% of its head office staff, and Sberbank laid off nearly 2,500 people in the second quarter, bringing its workforce back to 2021 levels. IT developers, publishing houses, metallurgical plants, and regional construction companies are also considering staff reductions. Due to falling demand, 17.5% of enterprises are sending employees on unpaid leave or transitioning them to part-time work. Key measures include limiting hiring and canceling expenses for training, business trips, and corporate events. The CEO of a recruiting company

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