Russia's VTB, RenCap, Otkritie Hire Bankers as Global Competitors Retreat
Russian investment banks VTB Capital, Renaissance Capital and Otkritie Capital are increasing headcount this year by as much as 38 percent and expanding abroad as global firms such as HSBC Holdings Plc (HSBA) and Goldman Sachs Group Inc. (GS) eliminate jobs.
VTB Capital, a unit of Russia’s second-largest lender, Renaissance Capital, the emerging-markets bank, and Otkritie, partly owned by Moscow-based VTB Group, are hiring in New York, London , Frankfurt, Kiev, Mumbai, Dubai, Hong Kong and Singapore . The expansion comes as Renaissance and Troika Dialog, acquired in March by OAO Sberbank, Russia’s biggest lender, compete with three-year-old VTB Capital to emerge as the nation’s top home- grown investment bank.
“Russian banks are flashing their checkbooks and capitalizing on the fact that many international firms have imposed unofficial hiring freezes,” Nick Rees, managing director of Moscow search firm Star Search , said by phone. “Candidates are drawn to Russian firms, which have lifted guarantees back to pre-crisis levels of up to $2 million for just director level."
Western European securities firms and banks are the job cuts after reporting declines in investment banking profit as sovereign of the continent crisis crippling debt trading. UBS AG (UBSN), the largest bank in Switzerland, said this week that about 3,500 jobs will Pare. HSBC is committed to eliminating 30,000 jobs by the end of 2013, while Zurich-based Credit Suisse Group AG (CSGN) said it will cut about 2,000 messages. United States, Goldman Sachs said in July it will cut 1,000 jobs, after a dip in fixed income revenues.
‘Huge Potential’VTB Capital’s Atanas Bostandjiev, hired from Goldman Sachs in May to lead the brokerage’s push outside of Russia, said employment increased by 38 percent worldwide to 1,157 this year. The firm was started from scratch three years ago with the hiring of more than 100 bankers from Deutsche Bank AG in Moscow.
“We see huge potential for Russian companies to attract funds from local equity and debt capital markets” in Singapore and Hong Kong , Bostandjiev said in an e-mailed response to questions. Bostandjiev, 36, who is responsible for building the company’s Europe , Asia , Middle East and Americas businesses, expects to open a New York office soon, pending approval from U.S. regulators.
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In the US, Goldman Sachs said in July it will cut 1000 jobs after a plunge in fixed-income revenue. VTB Capital's Atanas Bostandjiev, hired from Goldman Sachs in May to lead the brokerage's push outside of Russia, said employment increased by 38
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