Deutsche hit by more Russian departures

Financial News

Jason Corcoran in Moscow and Harry Wilson

31 March 2008


Charlie Ryan, the chief executive and country head of Deutsche Bank in Russia, is expected to join the exodus from the German bank in Moscow when his contract expires in the autumn, according to Moscow market sources.

Ryan has been at the helm since Deutsche Bank bought a stake in UFG, the investment boutique he set up with former Russian finance minister Boris Fedorov, which was taken over by the bank for $700m (€443m) in 2004.

Plans to appoint Yuri Soloviev, the bank’s deputy head in Russia, as Ryan’s successor were thrown into disarray last week after he left to lead state-run bank VTB’s investment banking business.

Last week, VTB recruited four senior staff from Deutsche Bank’s Moscow office. Soloviev was joined by Deutsche’s head of real estate and infrastructure projects Victor Makshantsev, head of research Alexei Yakovitsky and chief strategist Alexei Zabotkin.

The bank was also hit by the resignation of Dmitri Snesar, co-head of investment banking in Russia, who left to join United Capital Partners, the Moscow-based investment boutique set up by Ilya Sherbovich, Deutsche’s former head of Russian investment banking, who left last year.

A source close to Deutsche Bank dismissed rumours that Andrew Chulack, who was left as sole head of investment banking following Snesar’s exit was also set to leave.

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