Banker exodus - 'It seems they are desperate to get out'

Departure

The dream is over ?

Bankers from JPMorgan to Morgan Stanley are leaving Moscow for London as sanctions over Russia’s incursions into Ukraine bring business to a halt, according to people familiar with the matter.

Bloomberg News reports that JPMorgan’s head of Russian research, Alex Kantarovich, and four other employees are moving to the U.K. capital to work on different regions after Morgan Stanley’s metals team of Dmitriy Kolomytsyn and Neri Tollardo did the same, people familiar with the matter said. 

'We are increasingly receiving resumes from Moscow-based candidates with a non-negotiable requirement to be relocated to London', Luis Saenz, head of equity sales and trading in London for BCS Financial Group, said by phone. 'It seems they are desperate to get out'.

Fees from arranging loans, bonds and share sales were on track to halve this year, according to data for the first eight months of 2014 from Freeman & Co, a consulting firm. U.S. and European sanctions have all but closed financial markets to Russian companies. The ruble tumbled 23% against the dollar in the past three months, the worst performance among more than 170 currencies Bloomberg tracks, while the dollar-based RTS Index 30% this year.

To access the complete Bloomberg News article hit the link below:

JPMorgan Chase Bankers Said to Lead Moscow Exodus

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