Why you do want to work at Troika Dialog and why you don't

Troika Dialog, as Russia's largest private investment bank, has long been equated with opportunity and big bonuses. Now that it is to become part of Sberbank, the state savings bank, bankers are watching closely.

Troika always attracted those who "were less interested in gaining international exposure with the large global banks", says a Moscow-based headhunter. As these global banks appear to be stumbling from crisis to crisis, they may well feed a stream to Troika Dialog, he suggests. It has been hiring steadily, most recently Julia Gordeyeva from Deutsche Bank as a senior real estate analyst in Moscow. But there have also been many departures. Jacques der Megreditchian, chief business officer and head of global markets and seen as "very much a Troika guy" departed abruptly in September.

"Troika Dialog employees tend to be extremely happy as they are given free rein to do business in the way they see fit - as long as they are making the bank money. But there does seem to be a higher turnover of staff there than many other banks as their internal business style is perceived to be more direct and less cultured" says Nick Rees, Russia country director for global recruitment firm SThree.

An ex-Troika investment banker says: "Troika's most notable strength has been its unique corporate culture. Leadership, openness, innovation have always been part of it. It's a company which implements best western practices but has profound knowledge of the Russian and CIS market. After the deal with Sberbank, it's unclear whether Troika will be able to preserve its unique character."

A senior western banker who worked in Russia years ago says: "The advantage (in working for Troika Dialog) is working for a truly local institution with world class capabilities, which has been there from the beginning. Global banks may come and go with business cycles but Troika's local capabilities will not be exceeded and its staying power is to be respected."