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To unlock higher bonuses he simply needs to increase net profits to more than € 5.5bn, from €5.2bn in 2022. In 2015, he was ranked one of the top Russian oil and gas analysts by Extel.Īndrea Orcel’s fixed salary is being increased 30% to €3.25mn. He's also the main price setter for Russian oil exports. In his new manifestation, Sorokin has travelled to the Republic of Congo and met with representatives of Afghanistan and Bahrain as he seeks to drum up new clients and fashion new oil trading hubs. The Wall Street Journal reports that Sorokin, who seemingly has a Masters in Finance from the LSE, has become critical to Russia's energy policy as it seeks to compensate for the loss of trading partners. Pavel Sorokin, a former Morgan Stanley vice president in oil and gas research, has left banking and is on a new fast track under Vladimir Putin in Russia. Separately, it's not uncommon for people to leave banking and to start working for the state, but the state they work for is often in the West. It's not clear what kinds of technologists are being let go at Citi and JPMorgan, but at Goldman they included people hired from Google and heads of engineering for entire divisions.

It's a reminder that tech jobs in banks are not immune to being pruned, even as technology budgets swell. Technologists were also among the victims in recent layoffs at Goldman Sachs and JPMorgan. The technology cuts come despite Citi's intention to keep moving away from 'manually intensive processes' and plan to invest another 5% in technology this year. 'Hundreds' of people are said to have gone in total, although this amounts to less than 1% of Cit's total headcount of 240,000. However, this hasn't precluded it from firing a few people elsewhere.Ĭiti cut 50 bankers in Europe before Christmas, but Bloomberg reports that Citi's latest removals include people working in operations and technology at the investment bank. Last week, Financial News reported that it added Davide Russo from Amazon to its technology and communications-focused 'SuperGroup'. Citigroup is still hiring investment bankers.

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