First: please continue to send us your projected bonuses. Second: not to bite the hand that feeds us, but where were you on this one, ladies? Bankers in Moscow making twice as much as their counterparts anywhere else? Including Goldman MDs? Industry recruiters tell Bloomberg that managing directors dealing with corporate mergers and stock/bond sales in Russia are earning $7 million plus a year, versus the 2-3 million that guys (and girls) doing the same work in New York are making.
Compensation rose 25% for bankers last year in Russia, on account of a 5-year oil boom, a record number of IPOs, and Russia’s place as the fastest growing major European economy. Goldman says it will double its Moscow staff to 70, Morgan Stanley to 100 (from 20). Interested in submitting an application? Securities firms are looking for “a combination of western experience and an understanding of the local conditions,'' including but not limited to a vodka-specific alcohol problem. If you do make the move, there'll be more than pogroms and long lines for bread in store for you.
Inside Moscow's Garden Ring, bankers spend $7 million for a five-room apartment near the Bolshoi Theater, drop $350,000 for a Bentley at the car dealership next to Revolution Square, and rent private dining rooms at Turandot, a new $50 million two-story restaurant furnished in a late 18th century Marie Antoinette theme, complete with musicians in white wigs playing chamber music.
Moscow Bankers Get $7 Million Payday, Double New York Average [Bloomberg]