Vnesheconombank, which plans to reduce its workforce by around 50% to 1,000 people in 2018, could continue with staff layoffs in 2019, RBK Daily reported.

The 2019 job cuts could affect up to 500 employees of the Russian state-owned development bank, the report said, citing two sources familiar with the situation at VEB.

In a bid to become "more compact and mobile," the bank has been undergoing a comprehensive internal transformation to improve its efficiency, removing redundant functions, optimizing staffing levels and shedding noncore assets, the lender's spokesperson told RBK Daily without providing the details of its personnel optimization program.

The redundancy plans follow the May appointment of former First Deputy Prime Minister Igor Shuvalov as the lender's chairman. VEB's new head wants the bank to play a key role in President Vladimir Putin's economic development plan unveiled during his re-election campaign.

Russian authorities are also considering for VEB to become a platform for other Russian development institutions, including the Russian Export Center, JSC DOM.RF Russia Housing & Urban Development Corp., the Russian Direct Investment Fund and the Russian Venture Company, RBK Daily noted.