Thursday , September 28 2023

Raiffeisen Bank Russia Spent an Additional $220M in 1H Staff Costs

The biggest Western bank still operating in Russia gave its employees an extra $220 million over the last 6 months. That’s an average of $24,000 per employee.
Alexander Nemenov/AFP/Getty Images

  • Raiffeisen Bank spent $220 million more in staff costs for the Russian market in the first half of 2023.
  • The bump was due to higher salaries and social security costs, one-off payments, and increased headcount.
  • The Austrian bank is the largest Western bank still operating in Russia. It’s working on a spin-off.

Companies are exiting Russia in hordes — but one major Western bank just…

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