Citigroup has set its sights on hiring technologists in Russia, as large investment banks are under pressure to evaluate their operations in the country due to the invasion of Ukraine.
US Bank hires Russian technologists to block trade and investment in projects, including Citi Velocity Client Platform.
In December, City launched a new recruitment drive with a team of about 70 technicians. The bank currently has no advertising activity in the country.
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Citigroup spokesman declined to comment.
Russia is a key technology hub for international banks, often developing key trading platforms.
Deutsche Bank launched Russia’s technology center in 2001 and has about 1,500 employees – or 25% of the world’s IT staff. The center is currently under review, a Financial Times Reported on March 4. The bank is one of the world’s largest technology hubs, “he said.
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BNP Paribas, which focuses on developing e-commerce platforms for Bank of France and launched in 2020, has BTP operations in Russia.
Citigroup’s Russian technology team is relatively small compared to international IT centers. In 2020, it announced its intention to hire about 2,500 developers worldwide for its business and investment banking team. The bank launched a new technology center in Bahrain in September and plans to add 1,000 staff over the next 10 years.
Following the invasion of Ukraine on February 24, banks were forced to reconsider their operations as professional services, legal and private equity firms withdrew from the country. Some banks, such as Citigroup and Societe Generale, employ thousands of retail networks in the country. Goldman Sachs and Morgan Stanley, meanwhile, have about 80 to 20 people in Russia, mainly in the investment bank.
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