Russian Banker Pay Skyrockets
By BankersBall on May 13, 2007 in Cube Life, Russians, Salaries
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Can’t crack the i-banking code in the states? It’s not too late to try your hand in the Wild Wild East. Demand for experienced bankers who can speak Russian or know how to navigate “local conditions” is through the roof, reports Bloomberg.
Shaun Springer, head of London-based recruiting firm Napier Scott, says that comp for Russian-based bankers went up by 25 percent last year. Compare that to 15-20 for UK-based bankers.
Managing directors can and are earning in the neighborhood of $7-$10MM in comp, according to Yiannis Demopoulos of Delta Executive Search. In that club include execs such as Nicholas Jordan, the new head of Lehman’s Moscow office, anonymous recruiters tell BBerg.
Hiring is very strong; Russian securities firm Troika Dialog increased staff from 500 to 800 in the past year; Morgan Stanley’s formerly 20-strong Russian group is now up to 100. Goldman is also planning on doubling Moscow-based staff to 70, reports Bloomberg.
On May 14, 2007, therushin said:
This development really should not be too surprising, and makes perfect sense. Elections will be held in Russia in 2008 as Putin is in his final term, creating a potentially unstable political environment. Companies are looking to cash in and do deals to mitigate their risk. IDD had a good article on this in January ‘07. Next stop, Kazakhstan, where I’m going to take French firm Bridget Wear, maker of the neon thong Borat was wearing, public on the Kazakh Borse. Get your own neon thong at http://brigite.com/ just in time for Memorial Day.