Last man standing.
Bloomberg News reports that Todd Krummel, a Moscow-based Morgan Stanley equity trader, said he’ll leave on Friday as the number of foreign nationals at banks in Russia dwindles amid a market downturn.
He’s departing for personal reasons and plans to return to the U.S. after 11 years in Russia, Krummel said by telephone. Prior to joining Morgan Stanley in 2013, he worked for ING Groep and Deutsche Bank in Moscow. A spokeswoman for the bank declined to comment.
'I’ve been in Russia for a long time and it’s about time to start the next chapter of my life', Krummel said. He is the last banker from outside the former Soviet Union on Morgan Stanley’s desk after Michael Teagarden relocated to London in 2015.
Reuters reported earlier this month that Goldman Sachs has laid off staff in Russia in recent months and more cuts are expected by the end of the summer after the U.S. firm posted weak first-quarter results, sources said.
The cuts to headcount come as global investment banks have retreated from Russia because of an economic slowdown and Western sanctions over the Ukraine conflict.