Does this mean Unicredit won't make any more redundancies in Russia?

Unicredit has been among the banks cutting jobs in Russia. Back in May, it eliminated 60-80 people from its central and eastern European securities division.

This week, however, the Italian bank gave an indication that Russian jobs might be relatively safe. "Revenues in Russia, Poland and Turkey were good," said chief executive  Federico Ghizzoni.

Unicredit is the fifth biggest bank by assets in Russia. It said its  corporate and investment division will remain global and focus on multinational companies and other large clients.