By Jason Corcoran in Moscow
Russia’s Renaissance Capital has parted company with its head of domestic equity sales Maria Shatalina and replaced her with Ruslan Babaev.
Babaev, who joined the investment bank from Goldman Sachs in May 2007, has been promoted with immediate effect to lead Rencap’s domestic equity sales personnel.
A source close to the group indicated that Rencap veteran Shatalina had left the firm last week.
Rencap said it didn’t expect any further job cuts in sales or trading.
The bank is in rebuild mode a year after it was forced to sell a $500m (€349m) stake to billionaire Russian businessman Mikhail Prokhorov as it fought for its survival in the wake of the Moscow market crash.
The strong rebound of the Russian market over the past two quarters has put the bank on a sounder footing. A source close to the bank said it was winning a deal a day in its core markets of Russia, CIS and Sub-Saharan Africa.
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