OREANDA-NEWS. February 18, 2015. Russian bank Rosbank, part of France's Societe Generale Group, plans to cut 10-15 percent of its staff this year, its head said on Tuesday.

Dmitry Olyunin, Rosbank's chief executive, told journalists the planned job cuts would come as a result of reducing the bank's branch network, an expected contraction in demand for retail lending and reorganisation of the business structure.

An economic slowdown in Russia, deepened by Western sanctions over Ukraine and low oil prices, has hurt banks' profitability and loan quality.