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Late Lunchtime Links: Why Nomura’s equities staff are particularly exposed

Nomura's equities staff are particularly exposed to inclement conditions  (Photo credit: Iguanasan)

Nomura's equities staff are particularly exposed to inclement conditions (Photo credit: Iguanasan)

The Financial Times today has an excellent article on Nomura. It notes that Nomura’s investment banking business has lost Y34.4bn ($440m) since the year ending March 2010. It also offers an interesting perspective on why, in the event of additional redundancies at Nomura following the appointment of the new  and seemingly Japan-focused chief executive, Nomura’s equities professionals could find themselves especially exposed to redundancies.

Makoto Kasai, an analyst at Citigroup in Tokyo, points out that Nomura is particularly vulnerable to an equities slowdown because unlike its rivals it barely trades on its own account. “Unless they can get customer orders they can’t make money. So, Nomura withers when trading declines,” Kasai says.

Meanwhile:

Banks have been cutting staff in Japan. This applies equally to Goldman Sachs. (Bloomberg) 

Cabinet ministers have spoken about fully nationalising RBS. The Treasury is opposed to this though. (Financial Times)

All the Guardian’s excellent interviews with anonymous  bankers and bankers’ girlfriends, in one place. (Guardian) 

BNP Paribas says it is not a party environment. (Bloomberg) 

You may not want to be working for Knight Capital. (Bloomberg)

Europe is running out of time, still. (Pragmatic Capitalist)

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