
If Poland is hot, Russia is probably hotter
Goldman Sachs is opening an office in Poland. And in January Credit Suisse re-established its Polish equity trading business with the aspiration of becoming a, ‘leading trader of equities on the Warsaw stock exchange.’
There are definitely jobs to be had in Poland. According to Marek Gul, who heads Credit Suisse’s business in Warsaw, the Polish government is in the grips of an ‘ambitious plan’ to make Warsaw a financial hub. “Investment banks that aren’t yet here want to get in,” Gul told Bloomberg.
He also revealed that Credit Suisse currently has an empty trading floor in Warsaw, and plans to fill it by June.
Apart from the dreams of becoming a financial hub (Warsaw was noticeably absent from the last ranking of global financial centres), the real draw to Poland appears to be a privatisation programme planned by the Polish government to help finance its $10bn budget deficit.
Nevertheless, emerging markets headhunters are sceptical that there will be vast opportunities to be had in and around Warsaw. “It’s a very localised market and most of the appointments are made in London,” says one. “Any hiring will be very small.”
Instead of Warsaw, the real hive of activity appears to be Moscow. JPMorgan has recently appointed a new head of investment banking, and Credit Suisse’s recent extraction of five fixed income professionals from rivals is expected to trigger recriminatory hiring.
However, headhunters caution against getting too excited about Russia either.
“Activity has definitely increased, but we’re not seeing a full-fledged expansion. It’s more a question of strategic upgrading,” says Taru Oksman-Ison at Principal Search
“The market in Russia has warmed up and major international banks are hiring again,” says Olga Selivanova of recruiters Morgan Hunt. “But it’s really just people moving from one bank to another. Overall, no one’s adding headcount,” she adds.
Source:
http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-24521
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