Morning Coffee Feb 10 2012

Russian Bank to Hire 200

By julie steinberg

Russia's probably thanking its lucky stars it's not considered part of the West right about now.

As banks in Europe and the U.S. lay off hundreds of thousands of employees, Russian bank VTB Capital will hire 200 bankers this year. You don't even have to jet off to Moscow if you don't want to: Positions are available in Singapore, New York and Hong Kong.

The bank, which was launched in 2008 and has been poaching bankers left and right, including more than 100 from Deutsche Bank, now has 1,300 employees. VTB specializes in Russian debt and equity sales.

Perhaps surprisingly, the bank is hewing closely to British pay rules in London by extending them to offices around the world (exactly the opposite of what most bankers want to happen). That means the company can claw back bonuses if employees misbehave and also award the majority of bonuses in shares for some employees.

That might be a deterrent for some, but considering the job market, a Russian boutique that's hiring isn't something to turn your nose up at.

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