More colour is emerging on the nature of the package being offered by Nomura to Lehman staff in London - and it looks very generous indeed. According to a totally anonymous (and possibly spurious) commentator on an earlier article, senior Lehman staff moving across to the Japanese bank are being offered two-year guaranteed bonuses based on the packages they received in 2007.
Headhunters give credence to the rumours. Bonuses for 2008 will apparently be paid 70% in cash in April 2009, with the remaining 30% paid in cash in September. Bonuses for 2009 will apparently be paid in April 2010, with the expectation of a 60/40 cash stock split.
"Overall, the 2007 bonus pool is going to be matched for 2008 and 2009, and certain key individuals are being given an exact match for both years," says one equities headhunter. Another says MDs are being guaranteed their 2007 payout for both 2008 and 2009.
Nomura is also said to be extending its offer to some of Lehman's 600-strong fixed income team, who were left out of its purchase of the equities and investment banking units. Earlier, The Times reported that Lehman's asset management division is also attracting offers.
Less promisingly, it's rumoured that Nomura will also be making 30% of people in Lehman's equities and investment banking units redundant. Names apparently won't be finalised for a few weeks.