Thousands of VTB Group employees were transferred to another position or fired in the framework of optimization of expenditures program, VTB Bank financial director Nikolai Tsekhomsky said.

"Besides, recruiting of personnel to VTB Capital subdivision was suspended," he said.

For his part, President of the Bank Andrey Kostin said the Bank is likely to finish the fiscal year with losses, pleading deterioration of macroeconomic situation. He also said that the bank destines the income to create provisions.