Russia's VTB sees thousands of job cuts in retail arm

MOSCOW, June 29 (Reuters) - Russia's second biggest bank VTB (VTBR.MM) expects large scale job cuts in its retail arm VTB-24, VTB's chief financial officer Nikolai Tsekhomsky said on Monday.

"The main area of optimisation is the most costly business, where a lot of people work, that's VTB-24. There are serious optimisation projects there," he told VTB's annual general meeting.

"We are talking about thousands of people, who will be transferred to other jobs or made redundant." (Reporting by Dmitry Sergeyev, Writing by Toni Vorobyova)