Russian Banking Jobs Fall by 15% Since 2014
- New Europe Investor
- October 12, 2016
Figures from the Russian state statistics agency Rosstat have shown that jobs in the Russian banking sector have fallen by 15% since the crisis that gripped the country in 2014.
120,000 people have lost their jobs in large and medium sized banks, with 717,000 people currently employed in the industry.
Prior to the crisis, 835,000 people worked in the country’s large and medium banks. Western led sanctions on Russian banks combined with the country’s economic downturn have been largely to blame.
The one industry that has bucked the trend of job losses in Russia is the agricultural sector, which has shown a 17.1% increase in workers. 5.26 million people currently work in agriculture, an increase from 4.49 million in 2014.
The reason for this is primarily down to the ban by Russia on importing European agricultural imports; including Polish apples and French cheese and the subsequent attempt to produce such products at home.