Recent activity at Ms. Branthover’s company is telling. Boyden’s revenue from placing people in finance jobs was about flat, globally, in the first quarter. But its placement revenue in Russia was up 73 percent, and in China and Dubai, they were each up more than 300 percent. In New York, where the market is nearly frozen, revenue from finance job placements was down 24 percent.

JPMorgan Chase, which acquired Bear Stearns when it nearly collapsed in March, is continuing to hire overseas even as it whittles its New York base. For example, the commodities trading group has hired 126 people in the last year, of which 85 are based abroad in markets like Singapore and Hong Kong.

“In the past everything was done out of New York, and that was the place to be,” said Nicolas Aguzin, head of investment banking for JPMorgan in Latin America, which has added bankers in Brazil, Mexico and Colombia over the last year. “But now everyone has decided to go local and to go quite aggressively.”

The acceleration can be seen among senior employees at Morgan Stanley. In the first six months of 2007, only 10 of Morgan Stanley’s managing directors were transferred to countries other than the United States.

That figure has more than tripled  to 33  this year, as executives like Stephen Roach relocated to Hong Kong to become chairman of the bank’s Asia operations, along with Owen Thomas, who moved there from New York as chief executive. In addition, five senior Morgan executives were sent to Dubai from London.

“People understand that this is important. It’s clear that growing our franchises in key emerging markets is an important strategic priority,” said Charlie Stewart, who moved to São Paulo this summer to run investment banking for Morgan Stanley in Latin America. “It’s not like you’re being shipped off.”

On top of the foreign transfers, banks are also hiring locally. In the last six months, Merrill Lynch recruited a team of bankers from Brazil for that office. JPMorgan Chase has hired in the Middle East and Asia.