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Light at the End of the Tunnel

light-tunnel.jpgSometimes you can tell the health of the Russian economy not by the RTS swings or major acquisition moves, but rather something as simple as movements in the executive hiring sector.  The Russia branch of Goldman Sachs has lost two key guys in one month … but it’s not because the banking sector is contracting.  As reported on Deal Journal, Goldman lost Michael Capone, former executive director of equity sales, to VTB Bank, and today lost William Donovan, who handled oil & gas M&As, to Deutsche Bank.  What’s going on in Russia with this hiring glut in the banking sector?  Just some early rustling, or something more?  With oil holding firm at somewhere above $60 a barrel, at least some people seem to think Russia sees a light at the end of the tunnel (those other might say it is an oncoming train).

From Deal Journal on the increase in bank hires:

A spokesman for Deutsche Bank in Russia confirmed Donovan had joined recently to take up a similar position covering the energy sector. Deutsche Bank said it was “hiring selectively” and had never put a freeze in place unlike many other banks in Moscow.

Investment-bank hiring is back across the board in Moscow, with Russia’s VTB Capital leading the way. Morgan Stanley, Nomura Holdings, Barcap, Sberbank Capital and Troika Dialog are actively hiring or trying to fill selected positions, according to local headhunters who have tapped for executive searches.