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JP Morgan Buys MDM Bank’s Investment Team
MDM Bank’s top investment managers are leaving for JP Morgan Russia, the bank confirmed media reports Thursday. The situation at MDM Bank, Russia’s 14th biggest bank in terms of equity capital, is all the more grave with the severe lack of skilled personnel in investment banking on the market.
MDM Bank confirmed Thursday that a team of investment analysts and their director Alex Kantarovich are leaving the company. The bank says it is currently interviewing candidates to fill in the director’s position. Alex Kantarovich was unavailable for comment on Thursday.
A Kommersant source in MDM Bank reported that another top manager at MDM, director of the trading and stock market sales department, Vladimir Bril has handed in his notice to quit. The string of resignations has stripped two departments in MDM’s investment business of their directors.
Five members of Mr. Kantarovich’s team may also leave the department, according to the unofficial source.
Vladimir Bril, Alex Kantarovich and their teams will soon start working at JP Morgan’s Moscow office, Kommersant sources reported. JP Morgan would not comment the information.
Those in the market say that MDM Bank’s key managers have left the bank in the flow of stiff competition for skilled labor among investment banks.
“There is a yawing personnel deficit in investment banking now, especially in senior positions,” says Sergey Vorobyev, chief executive at the Ward Howell International headhunting firm. More than 35 personnel reshuffles were recorded in March alone in investment banks, according to recruitment agencies. The figure was half as much last year. Experts say that it is the growth of Russian businesses and emergence of foreign investment banks in the country that make the situation acute.
www.kommersant.com
All the Article in Russian as of June 15, 2007
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