15 Nov 2016 15:22

Sberbank, VTB slash payments to execs in 9M

MOSCOW. Nov 15 (Interfax) - Sberbank and VTB , Russia's biggest and second biggest banks, slashed remuneration and other payments for executives in January-September 2016.

Sberbank said in a quarterly report that it cut pay for members of its management board 27.3% year-on-year in the 9M to 818.1 million rubles.

The board consisted of 12 members, as a year previously.

Payments the 14 members of the supervisory board fell 30.5% to 41.6 million rubles in 9M 2016.

VTB reduced payments to its executive board 15% to 264.7 million rubles in 9M, however payments rose to 95 million rubles from 85.7 million rubles in Q3 as two new members, Olga Dergunova and Vladimir Verkhoshinsky, joined the board.