Lehman Brothers’ chase to hire Nicholas Jordan, the banker who led Deutsche Bank through the worst and best of Russia’s market transition, comes as Wall Street banks rush to return to Russia’s booming market – in some cases, at any cost.

One by one, banks burnt in Russia’s spectacular financial meltdown in August 1998 have been re-opening offices in Moscow. While competitors such as Goldman Sachs and Merrill Lynch have been slowly developing a local presence, Lehman has been weighing the risks of a return.