Imagine working for an investment bank whose profits increased 440% in the first half
2010 is not being nice to investment banks. The second quarter was quite horrible. The third quarter may be more horrible. Imagine the joy, therefore, of working for a bank where 2010 is a beautiful place.
Such is the situation over at Russian bank VTB, which announced lovely results last week.
Admittedly VTB's 2010 results are massaged by the comparisons with its terrible 2009 results, but it's still doing well.
While most banks are dealing with declining sales and trading revenues and still waiting for the materialisation of IBD commissions, VTB is reaping the harvest of its relationship with the Russian government. As the Moscow Times points out, it's at the front of the line in an upcoming auction of $29bn of government assets.
VTB is also hiring. It's aspiration to triple its presence in Asia and hire 250 people is already known.
Unfortunately, and despite its recent success, VTB doesn't seem to want to hire any more than this and doesn't seem to have any intention of adding to the 230 people it currently has in London. "In line with the new development strategy of VTB Group we have launched a new corporate investment business unit in Moscow to service 100 major clients of VTB Bank, creating up to 30 new positions in the process," says Alexey Yakovitsky, CEO of VTB Capital Moscow (in response to questions about his hiring plans in the City).
"They are hiring more and more selectively," says one emerging markets headhunter. "They pay very decent money, but most of their hiring this year hasn't been in London."
