Moscow private bankers are rare breed
Credit Suisse has launched an onshore private banking operation in Russia, and is seeking bankers to bulk up its office. But just how bountiful is Russian private banking talent?
Dudley Edmonds, director of recruitment firm Culliford Edmonds, says local private bankers with an intimate knowledge of bonds and equities are thin on the ground.
Combine this with the fact that UK-based bankers regard Russia as a hardship posting and he says talent could be hard to come by, particularly if Credit Suisse plans to source its five to 10 Moscow staff in the City of London.
"There is still a shortage of candidates in London who really understand Russia from a private banking perspective," reflects Edmonds. "For the average banker, there might be a bit of a premium to be paid. Smaller banks might come up with some fairly innovative packages to make it worth while."
Edmonds says Credit Suisse recently lost their London-based Russian private banking team, a fact unconfirmed by the bank.
However, Harry Pilkington of private banking search firm says Credit Suisse is more likely to make any new hires in Russia rather than in London. "I think they will be trying to hire people locally. I don't think they would look to pay a premium to move people from London at all."
