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Bonuses at Russian banks will now be deferred too – thanks to Bank Rossiji

Wait for your bonus

Wait for your bonus

Most international investment banks now defer a significant proportion of their bonuses. Many also cap the amount of cash they’re willing to pay as a bonus -with large amounts paid in shares.

Something similar may now be coming to Russia.

Earlier this week, Kommersant reported that Bank Rossi is preparing to monitor compensation at Russian banks in the same way as compensation is monitored in the West. From now on, says the central bank, compensation for senior bankers in Russia must reflect the risks they’ve taken to generate revenues and must be spread over several years. At least 50% of the compensation of senior bankers must be in the form of stock.

The new rules may come as something of a shock. As we noted a few weeks ago, VTB has begun deferring its bonuses over three years, but headhunters say deferred bonuses are typically unusual at Russian banks. This is about to change.

 

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