Shakeout at the top of Morgan Stanley’s Russian business

Morgan Stanley is losing some of its key people in Russia, which could put pressure on its standings in the country.

Rair Simonyan, who has been with the bank for over 10 years latterly as its chairman, is standing down. So is Yelena Titova, its current president who also spent over 12 years with Goldman Sachs in Russia.

As yet, their reasons for leaving remain unclear. However, Russian media are suggesting that Titova is a leading candidate to take the helm at the All-Russian Regional Development Bank.

The managing director for Morgan Stanley’s investment banking division in Moscow, Gergely Voros, will take over on an interim basis for Simonyan. Mikhail Solovyov, head of capital markets in Moscow, will take over Titova’s duties.