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Let’s all work for a Japanese bank

Japanese industrial output is diminishing at a truly frightening rate and Mizuho, Sumitomo, Daiwa and Nomura all have issues of their own, but Japanese banks may turn out to be some of the only places still hiring this year.

Despite bringing on thousands of people from Lehman in 2008 and then cutting another 1,000 soon after, headhunters say Nomura is still “selectively” recruiting.

“There’s been attrition from Lehman, so there’s some replacement hiring, but Nomura are also hiring for cash equities and derivatives,” says one.

Nomura has avowed its intention to become the largest trader by market share on the London Stock Exchange. Promisingly, it has also indicated that it probably won’t be making any more redundancies any time soon.

Daiwa has also been hiring in London. It launched a new global derivatives business last June and has since hired various senior bankers to populate it.

A spokesman for Daiwa said they continue to build their “award winning franchise”, which very naturally “involves hiring the best talent” (although he adds that they’re not just picking people up because they’re out of the market).

However, headhunters working with the bank say Daiwa has put its European recruitment plans on hold for a while. “The pace of hiring has slowed right down while they wait and see what happens. That’s not to say they’ve stopped – but they are on pause.”

Comments (18)

Comments
  1. sarah- u work on a sunday?

  2. Better to avoid Jap banks if possible. it’ll leave on a stint on your CV as it is equivalent to loser / trimmed elsewhere

  3. better to avoid reading articles from sarah

  4. Better to stay in bed and give up all hope.

  5. There is absolutely nothing wrong with working for a Japanese Bank…for years theye were seen as being poorer payers, with limited promotion prospects and an inscrutable culture..NOT NOW..now they seem to being top payers( when no one else is) they give lock ins( when no one needs to) and they are employing people without even checking how much they lost at their last home !!!!!!!!! and they will happily stab staff in the back who have not lost money
    All sounds good to me

    Ithinkiamgoingjapaneseireallythinkso Reply
     
  6. Ex-Jap staff – better to work for a Japanese bank than be an unemployed BB’er right?

  7. I have heard a number of positive things about Daiwa and others. I think given their expansion now could be the time to make a move.

  8. Kyle – better to make a career move. it is snowing today and once again London transport system proved its failure, so true! better stay in bed today!

  9. Kath C you must be HR at Daiwa… don’t think that picth will bring in many punters…

  10. i’ve been in banking long enough since 80’s. saw many disappointing faces out of the door after few years carrying high hope when joining.

  11. Some odd comments here. At the end of the day a bank is a bank – lots of these Jap. firms are expanding so if you want a job go to them! Or would you rather work for a nationalised firm?

  12. Japanes are the best these days. They hire people and give them guaranteed bonuses and after when these guys don’t make money or don’t even try, they get rid of the ones who made money for years. The greatest idiots are Japanese, no question about that

  13. Warning – Japanese banks are perhaps not the best place to work in just yet. The global uncertainty has now hit Japan. In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived. While Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

  14. Lots of very grown up comments I see! Speaking from experience – I’ve worked at Japanese firms in the past and have appreciated the culture. I’d certainly consider moving to one again and given current market conditions there financials look robust when compared with EU or US peers.

  15. Dunno about anyone else, but I am unemployed at the moment and wil snap the hand off a Japanese Bank…. I can’t believe people are still elitist about that bank and this- has Lehman, Bear Stearns – at least the likes of Daiwa are still solvent. Unbereivable- you elitist lot leave the jobs in Japanese banks for the likes of me and good luck in your next career as a history or humanities teacher lol

  16. If given the choice between a major investment bank and a Japanese bank, I would opt for the Japanese bank any day. At least they don’t resort to the big axe like their American counterparts when things get rough and I like their relatively conversative approach to banking.
    OK Japanese banks may have got a bit of bad hype before, but that’s most likely due to people not used to the Japanese way of management and culture compared to their previous environment in MorgStan or UBS.

  17. Things are only going to get tougher in the mkt and to audaciously think that J-banks are a worse place than unemployment highlights the continued myopic thinking that the finance industry has not been forever changed. J-banks may not have been the best option in the world, but at this point in time they may be the only real option for many unemployed or near bonusless bankers.

    Ace loved the commentary

  18. I do not understand why the British are always such a prejudiced people. I see no difference between working for a Japanese Bank and a British one, unless you are a very lazy person and need 20 coffee breaks a day followed by 50 cigarette breaks.

    The Japanese are very hard working people and the British could learn very much from them about what hard work really is.

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