Rumour has it that Nomura's suddenly having second thoughts about paying enormous two-year bonuses to the people it's poached from Lehman.
According to one totally anonymous headhunter, the Japanese bank has reached a realisation that this isn't 2006 and has cut its two-year guaranteed packages to one year. "A few people are still getting two-year deals, but most of them have now been rescinded and taken down to one year," he says.
He adds that a high proportion of Nomura's guarantees are for less than 100% of 2007's bonus: "They range from anything from 50% to 130%, with a significant proportion below 100%."
Other headhunters are less certain that the latest move represents much of a change. "Nomura is still paying two-year guarantees to senior staff and there has been no indication that this will alter," says one.