(Bloomberg) — Todd Krummel, a Moscow-based Morgan Stanley equity trader, said hell leave on Friday as the number of foreign nationals at banks in Russia dwindles amid a market downturn.
Hes departing for personal reasons and plans to return to the U.S. after 11 years in Russia, Krummel said by telephone. Prior to joining Morgan Stanley in 2013, he worked for ING Groep NV and Deutsche Bank AG in Moscow. A spokeswoman for the bank declined to comment.
Ive been in Russia for a long time and its about time to start the next chapter of my life, Krummel said. He is the last banker from outside the former Soviet Union on Morgan Stanleys desk after Michael Teagarden relocated to London in 2015.
Several senior bankers including Nicholas Harwood and Will Abbott, the heads of equities for Sberbank PJSC and Bank of America Corp. respectively, departed in 2016 as Russia struggles under sanctions and a second year of recession. Foreign banks including Deutsche Bank, Royal Bank of Scotland Group Plc and Barclays Plc are curtailing operations in the country as trading volumes on the Micex stock index in dollars are on track this quarter to be the lowest since 2009.
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