Citigroup Inc. (C:US)’s head of equity sales for Russia and the Commonwealth of Independent States, Ian Colville, said he left the bank after two years in the position.
The American, previously employed by Deutsche Bank AG (DBK) in Moscow as head of equity sales, confirmed by telephone he had departed without elaborating on the reasons. Colville joined the company in September 2010 from Carpathian Capital Management, where he was a fund manager. Irina Kiparoidze, a Citigroup spokeswoman in Moscow, couldn’t immediately comment when reached by telephone.
Western investment banks have been retreating and scaling back in Moscow because of falling revenue and reduced margins. ING Groep NV, the biggest Dutch financial services company, said last month it will close its Russian equities unit following UniCredit SpA (UCG), which said in June it would shutter its Russian securities operation. Will Hammond, a senior Moscow equity salesman, left Citigroup in July as part of the group’s drive to eliminate jobs and cut costs.
Stephen Jennings, who founded Russia’s Renaissance Capital 17 years ago, said on Nov. 15 he is stepping down after billionaire Mikhail Prokhorov rebuffed his requests seeking more cash for the money-losing investment bank, according to two people with knowledge of the talks.
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