Troika Dialog Says Crisis May Force It to Dismiss 8% of Staff

Troika Dialog said Friday that it might dismiss at least 8 percent of its 1,500 workers this month because of the global financial turmoil.

The company, which runs brokerage and asset management services, also plans to reorganize its businesses, Gor Nakhapetian, Troika managing director, said in an e-mailed statement. The review, which starts after the end of the financial year in September, will shrink personnel in research, sales and other parts of the business.

"The assessment criteria of this year's review has become tougher," Nakhapetian said. "It's obviously due to the current market condition."

Banks in Russia are following global peers in shedding jobs as profits from trading and share sales dry up in a sliding market. Renaissance Group last month cut 100 jobs at banking and asset-management divisions, which together employ 1,481 people. The retail arm of VTB Bank, the country's second-largest lender, will trim staff starting Jan. 1, Vedomosti reported Wednesday.

Some of Troika's fired workers may be hired by Sberbank Capital, the new investment unit of the country's biggest savings bank, Kommersant reported Wednesday. Sberbank Capital has already hired about 25 people and may add another 75, the newspaper said.

The government has pledged more than $200 billion to stem Russia's worst financial crisis since 1998, including a boost in liquidity valued at $86 billion. Slumping commodities prices, the war with Georgia and the seizing up of global capital markets prompted investors to pull about $140 billion from Russia since Aug. 1, BNP Paribas estimates.