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EDITOR’S TAKE: Nomura and the domino effect

Who would have thought that a bank from jobs-for-life Japan would become the prime player in the high-level game of recruitment musical chairs that is sweeping across Asia?

Nomura’s takeover of Lehman Brothers in Asia-Pacific saw it offering jobs to almost all the US firm’s 3,000 staff in the region. While about 2,600 have chosen the safe option, a few hundred Lehmanites are hurling themselves on the hiring market, leaving gaping holes in the Nomura mothership.

And with plenty of senior staff among the Lehman defectors, Nomura can’t exactly go for graduate replacements. Instead it’s been pushed into a poaching spree, which is triggering a chain of job moves between banks.

Take the case of Anthony Steains. He turned down Nomura’s offer and left Lehman (where he was head of industrials investment banking) to join private equity firm The Blackstone Group. Nomura then went headhunting and got its hands on high-profile banker Shaheryar Chishty from Citigroup. And so it goes on, much to the delight of otherwise underemployed headhunters.

At a time when most banks are trimming headcounts and most candidates are paralysed with caution, where would we be without Nomura?

Comments (2)

  1. having both work experience in Europe & Jap i-banks, the most capable ppl dont work function well in Jap culture, no matter it’s Nom or Daiwa. so not surprised to see some top figures chose to go elsewhere than big N

  2. The Nomura takeover of Lehman is the 6th coming of Christ. Nomura has done this time and time again (hence the 6th coming). Hire a bunch of foreigners. Get them to work . Over pay them and at the same time stick a Japanese spy in the team to understand how the gaijin’s can make so much money for the firm. At the same time as trying to learn, the Salary-man spy will do whatever he can to ensure the gaijin can not do business (the bureacracy of Nomura kicks in upon Gaijin’s arrival)

    2 years down the road, the firm realizes how much they overpaid for the useless has-been gaijin’s and then fires them all.

    Nomura is arrogant. It ONLY thinks about Japan. It is not a bank. It is not a global firm.

    Lehman folks, enjoy the 2 year packages. For after that, you’ll be toast.

    ExNomura-not fired Reply

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