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Report: Sberbank CEO sees 50% staff reduction by 2025

PAO Sberbank of Russia CEO Herman Gref expects the lender's headcount to halve by 2025 thanks to the planned digital transformation of the bank, Vedomosti reported Jan. 19.

Gref said at the World Economic Forum in Davos, Switzerland, that 98% of transactions performed by the lender's corporate clients are already carried out via digital channels. The ratio for individual customers is much lower, at around 50%, but is expected to increase to almost 100% within eight years.

Sberbank employs around 330,000 people, with staff-related costs amounting to 76 billion Russian rubles in the end of the third quarter of 2016, Vedomosti noted.

As of Jan. 19, US$1 was equivalent to 59.90 Russian rubles.