Nomura is as manic as every other bank when it comes to cost-cutting, but apparently not in fixed income. The Japanese bank plans to beef up its fixed income staff in Asia, Europe and the Americas, where it just hired two managing directors for foreign exchange and interest-rates sales, according to Bloomberg.
No hiring projections were given, but the bank sounds pretty desperate to add sales staff. Nomura is eyeing talent in rates, credit, currencies and securitized products, and even said it would swoop up any talented U.S. investment bankers that come up on its radar, particularly in health and technology.
The decision to add headcount is fairly surprising considering the bank is in the midst of a $1 billion cost-cutting effort. Then there’s the fixed income sector, an area other banks like UBS are walking away from. But Chief Operating Officer Atsushi Yoshikawa said the bank is suffering from “a shortage of staff to reach clients.”
Fixed income staffers continue to retreat from Morgan Stanley, and there are likely thousands of former UBS bankers sitting around, so Nomura should have no problem filling seats.
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