Russia’s Closing Banks Leave 12,000 Jobless

UrBC, Moscow, January 12, 2018. The Deposit Insurance Agency had to lay off some 12,000 banking sector employees last year as banks’ licenses got annulled and liquidation proceedings were in progress; a year earlier, the figure was 13,500 people, RIA Novosti refers to the agency as stating.

The Bank of Russia slowed down the clear-up process last year, as only fifty banks left the market in 2017 against nearly a hundred banks in 2016.

The need to remove dubious lending institutions from the market will still be relevant for a while, most likely for two years or so, the Bank of Russia’s Head Elvira Nabiullina said in December. Nabiullina was appointed to the position in June 2013 and has managed to bring the number of Russian banks down by nearly a third since then.

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