It’s finally getting a little easier to find some decent help around here: Unemployment filings ticked up a bit last week and are as high as they’ve been in eight months, another sign that the impossibly tight labor market in the U.S. may finally be loosening. Unfortunately for many banks getting ready to finally turn the tables on the uppity and recalcitrant layabouts calling themselves “workers,” there’s another critical shortage that needs filling, and it’ll be if anything harder than getting a millennial to come to the office a few days a week—in more ways than one.
Last week, Deputy Finance Minister Alexei Moiseev said Russia would block the sale of foreign banks' Russian businesses while Russian banks abroad cannot function normally.
As a result, foreign banks have started trying to fill vacancies that opened up when staff left suddenly earlier in the year…. Raiffeisen Bank posted 276 job openings in Russia in July, while Citi was looking for candidates to fill 84 vacancies in Russia, Headhunter, or www.hh.ru, said….
"There have been no signals to expand business."
Well, that’s something, we guess. As is this:
The [Russian central] bank said inflation, which fell to 15.9 percent last month from about 17 percent in May, was slowing in the country because of “subdued” consumer demand and the strength of the ruble, which reached a seven-year high against the dollar last month. The [1.5 point] rate cut was larger than economists had expected…. The central bank has more than reversed a rate increase of 10.5 percentage points, to 20 percent, that it introduced at the start of the war. In the short term, slowing inflation has created room for the bank to cut rates, but the longer-term outlook for Russia’s economy is dismal.
Which is why, we suppose, if you can get the hell out, you do, and don’t look back.
[Former Credit Suisse First Boston banker Alex] Knaster, a 63-year-old financier known for his sharp intelligence, is now scrambling to sever any links to his former associates…. Knaster’s Mark Foundation for Cancer Research, a charity he founded after his father’s death, that’s become the centerpiece of his wealth. Set up several years before Russia’s full-scale Ukraine invasion, it holds minority stakes in LetterOne and Alfa Bank’s parent company worth about $700 million…. That’s added one more layer of protection to Knaster’s fortune and distanced him from his past at a time of sweeping sanctions on those affiliated with Russian wealth.
Citi, Raiffeisen, other foreign banks seek staff in Russia as they struggle to exit [Reuters]
Bucking the global trend, Russia lowers interest rates again. [NYT]
Russian Oligarchs’ Top Banker Breaks Free After Making a Fortune Himself [Bloomberg]
Jobless claims rise again in another sign that labor market is cooling [CNBC]
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