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Sorry, but there is just not that much hiring in Russia

It’s with great regret that we pop the bubble of anyone who thought that Russian hiring might be coming back. It isn’t.

The main source of optimism appears to be an article from Financial News last week, which cited local headhunters and said VTB Capital, Morgan Stanley, Nomura, Barcap, Sberbank Capital and Troika Dialog are all ‘actively hiring.’

However, two leading Russian headhunters cast aspersions on claims of big recruiting.

“The market hasn’t turned at all. Any hiring is very opportunistic and circumstantial,” says Olga Selivanova at recruiters Morgan Hunt.

“There are a few replacement hires, but that’s about it,” says Taru Oksman-Ison at Principal Search. “It’s about unique situations rather than any full scale return to hiring.”

The only banks that are definitely looking to build in Russia are apparently VTB, which is interested in sales people, and Sherbank Capital, which is looking to hire 120 people to help manage distressed assets, only a small proportion of whom will be in the front office.

Troika has made one investment banking hire, but is said to have put anything else on hold while it finalises its partnership with Standard Bank. Morgan Stanley is said not to be hiring, and Nomura cut a lot of people as recently as April.

Optimists also point to tangible signs of Russian hiring activity, in the form of William Donovan going to Deutsche and UBS hiring a new head for its Russian oil and gas research team.

However, UBS has also made a large number of Russian redundancies, and big name hires are doing little to mop up surplus talent. “There are a lot of unemployed people around and the most mature among them have given up on finding jobs and are trying to do something on their own,” says Selivanova.

Comments (13)

  1. Moscow banks are hiring baby. Come to town to get your facts

  2. hangs joerg, you are talking markets divisions or M&A?

  3. in fact there is some activity mostly in eq sales/trading coming out of vtb and other smaller domestic houses. this is a sharp contrast with march – april anyway.

  4. I beg to differ. On a recent trio to Moscow, I hired 2 luscious ladies for a night of debauchery…which was nice.

  5. I get the feeling it going to depend a lot on the sector. Energy bankers still in demand in Moscow?

  6. PeterPurves,

    Hope you didn’t put it on expenses!

    Did you bring something back from Duty Free for the missus?

  7. john,

    he brought something back alright….

    i didn’t appreciate it all…my doctor says i will be ok in a few weeks though….

    filing for divorce now.

  8. Russia for Russians

  9. Russian Jobs for Russian peoples.

  10. Peckham for the Peckish

  11. if energy bankers are in demand? how many deals you ve seen close recently? no deals – no jobs.
    Peter Purves, you must be one of those freaks sleeping on benches off oxford street on sat nights.

  12. The job market is NOT good here in Moscow. I am looking for work myself and am seeing almost no expat positions. Before you Russians say Russia for Russians (one did already), my wife and child are Russians and I have to take care of them

  13. oiloiloil – yes, indeed, i am one of those freaks sleeping on wenches off oxford street on sat nights.

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