Robots will result in Sberbank reducing back office workforce size 12 times by 2021

Maria Nikolova

Currently, back office staff at the bank is around 12,000, with the number to fall to 1,000 by 2021, mostly due to the robotization of services.

The topic of robots replacing human staff at financial services companies is far from a novel one, especially when it comes to Sberbank Rossii PAO (MCX:SBER) which in January this year said it would lay off 3,000 employees at its legal department thanks to the enrollment of a robot lawyer.

There is more gloomy news for the human staff at the bank, as Herman Gref – CEO and Chairman of the Executive Board of Sberbank, has unveiled further plans for workforce reduction. The number of employees in back office roles at the bank will be reduced 12 times by 2021, according to Mr Gref, who was quoted by information agency TASS.

Currently, the bank has 12,000 back office employees, with the number to be reduced to 5,000 by 2018 and to 1,000 by 2021. Back in 2011, the number was 59,000, he said.

One of the main reasons for the changes is the increased use of robots by the bank. Stanislav Kuznetsov, Deputy Chairman of Sberbank’s Executive Board noted that robots have been working at the bank’s archive department for seven years already and that now robots are replacing staff that that counts money. The next step will be the employment of android robots.

Artificial intelligence solutions are gaining ground in Russia, as Sberbank Leasing, a part of the Sberbank group of companies, announced in May that it launches a leasing program for Promobot (v2 and v3) – an autonomous robot that may replace human staff in various roles, including customer support, administration and consultation. The move is expected to boost the adoption of the solution, as the leasing makes it more affordable. Furthermore, it claims to cut expenses associated with human staff.

Russia is looking forward to a law on robotics. Early in 2017, Vyacheslav Volodin, Chairman of the Russian State Duma, voiced his support for such a law. He said back then that rules governing the human-robot relations were expected to be implemented in 2022.

Read this next

Digital Assets

Alameda sues Voyager Digital to recover $445 million

FTX’s failed trading arm, Alameda Research, asked a court to claw back $445 million from Voyager Digital, which it said SBF’s empire paid to the crypto lender before collapsing into bankruptcy.

Metaverse Gaming NFT

Toyota taps Astar Network to explore Web3 in grand style

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Digital Assets

Bitcoin dominates inflows into crypto funds, AuM hits $28B

As the price of bitcoin continues to consolidate around recent highs, investors expand their positions in funds designed to profit from further appreciation in the cryptocurrency.

Institutional FX

Fiserv secures major payment institution licence in Singapore

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

Institutional FX

Finalto expands NDFs line-up with Taiwanese dollar

Finalto announced today that it has expanded its non-deliverable forwards (NDFs) offering with the addition of Taiwan’s dollar to its trading platform.


It’s time for FX to Harness Crypto’s Potential

Jonathan Cumberlidge, FX Sales Director for BVNK, makes the case for cryptocurrencies in improving the efficiency and flexibility of foreign exchange trading.

Digital Assets

Owner of OptionMint, OptionKing, and OptionQueen gets 30 months in prison

A US federal judge has sentenced Ohio resident Jared Davis, who was found guilty for his participation in a multi-million fraud scheme carried out by Israeli-run binary options websites.

Executive Moves

iS Prime co-founders Raj Sitlani and Jonathan Brewer leave, but “business as usual”

“For our clients and teams at iS Prime, iS Risk and iS Prime Hong Kong, it is business as usual. We will be increasing our investment in our technology and staff, putting our clients first as we drive the business forwards to maintain our market leadership position.”

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”