American CEO of Credit Suisse in Russia quits as fees plunge

American CEO of Credit Suisse in Russia quits as fees plunge
Senior foreign banking veterans are leaving Moscow's bleak market.
By Jason Corcoran in Moscow February 17, 2016

Steve Hellman, chief executive of Credit Suisse in Russia and the Commonwealth of Independent States, has quit after six years in the role after the bank's fees almost evaporated last year.

Hellman, who moved to Russia in 2007, will be replaced by Russian Dmitri Kushaev, who currently heads private banking, according to an e-mailed statement from Credit Suisse.

The Swiss bank, which moved part of its Moscow operation to London in 2012, saw its fees plummet by 92% to just $2mn last year from $24mn in 2014, according to data from New-York based Freeman & Co consultancy.

Kushaev joined Credit Suisse from Blackstone Group in December 2014 just months after the US private equity giant pulled out of Russia. He previously has worked in senior roles at ING and Donaldson, Lufkin & Jenrette.

Amid a wider shake-up at Credit Suisse, head of fixed income Valery Pushnya has been appointed Head of Global Markets Russia, taking on responsibility for both the fixed Income and equities businesses in the country. Leonid Varpahovsky has been named Head of Russia for the investment banking and capital markets division.

The departure of Hellman, a fluent-Russian speaker, comes amid an exodus of senior foreign banking veterans from top posts. Goldman Sachs co-heads, American Nick Jordan and Italian Paolo Zannoni, left the US bank late last year as did the British boss of HSBC Mark Stadler. Joerg Bongartz, the long-time chairman of Deutsche Bank in Russia, returned to Frankfurt not long before the closure of its investment bank in Moscow in September.

US and European firms have been steadily cutting staff and relocating key talent to London as the deal flow trickled. The drop in activity to the lowest in 14 years may now force some firms to re-examine their bet on the nation. Investment banking fees in Russia plunged last year 41% to $208mn from $355mn, according to Freeman & Co.

On February 17, bne IntelliNews exclusively reported on the closure of the first US bank in Moscow since the current crisis over Russia's involvement in the Ukraine conflict erupted almost two years ago. Jefferies Group closed its offices barely two and a half years after opening for business in the capital.

Credit Suisse, which has operated in Moscow since 1991, started relocating its debt and equity capital markets and mergers and acquisition advisory businesses to London in late 2012. 

Hans Joerg-Rudloff, former chief executive of Credit Suisse First Boston, famously sent bankers Stephen Jennings and Boris Jordan to Russia to scout for deals in the early 1990s. The pair became involved in the state's pilot voucher auctions and soon departed to set up investment bank Renaissance Capital.

Related Articles

Shares in Turkey's Halkbank slump 14% after banker's US arrest

Shares in state-owned Halkbank, Turkey’s sixth largest lender by assets, plunged on March 29 on the news that ... more

UniCredit reportedly in talks to sell Czech/Slovak unit

UniCredit is in talks with two local suitors over the sale of the Italian bank’s Czech/Slovak business, local media reported on March 27. The claim remains only speculation, but if accurate, it ... more

Russia's Sberbank selling its Ukrainian subsidiary

Russia’s largest bank Sberbank is selling its subsidiary in Ukraine to a consortium of investors that includes Latvia’s Norvik Bank and a private Belarusian company, Sberbank said in a statement ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss