What's the outlook for Russian financial services hiring in the next 12 months?

Hot:

Sales and trading

Julia Nikitina, managing partner at BoydenRussia, says banks will quick revenue-earners in 2012: “They’re interested in people who are able to make money quickly, such as traders and sales specialists, both of whom are in demand.”

Private equity and M&A 

Investment funds are expected to redouble their efforts to purchase new assets after the elections.  Elena Bogomolova from Cornerstone predicts that private equity funds, funds controlled by oligarchs and state investment funds will all be hiring. Nikitina from Boyden predicts demand for effective M&A market operators.

Wealth management specialists in overseas bank branches

“Either the large players or the boutique players outsideRussiaare interested in reinforcing their “Russian desks",” comments Nikitina from BoydenRussia. Expect demand for private bankers who can bring Russian clients.

Not hot:

Treasury specialists

“Next year we expect lower demand for treasury specialists of all levels, from top managers to rank-and-file employees,” claims Lilia Shtifanova, head of the banking and investment hiring sector at Kelly services. “This is mostly due to the risk-averse strategies currently adopted by most market players, who stay away from the highly volatile stock market in favour of the predictable yields on deposits, which requires fewer employees to manage.”

Back office specialists and cost centre employees in general

According to Yuri Virovets, President of HeadHunter, bank and investment banking back offices will likely see staff reductions in 2012. This will affect analysts in general, treasury specialists, interbank clearing and settlement specialists. Shtifanova  also predicts ongoing outsourcing.

Hiring 

“I believe that 2012 will see staff reductions in investment banking. These cuts have already started, and the global recession will further affect the investment banking business next year,” believes HeadHunter’s Yuri Virovets. Staff reduction programmes have already started at Otkritie and Renaissance Capital.