Where should you send your CV if you want to target an expansionary bank which isn’t averse to paying above market rates? Try Nomura in the U.S. Not only is the Japanese bank on an American recruitment drive, but it says it’s being compelled to offer big pay packages simply to attract people to work there.
The Wall Street Journal points out that Nomura has doubled U.S. headcount since 2008 and that it still has space for another 800 people to work at its new U.S. office. Those jobs should be secure. Atsushi Yoshikawa, Nomura’s president and the head of its investment bank, told the WSJ that Nomura has no intention of building up in the U.S. only to cut back again in a few years time. “We need to be consistent,” he said.
Yoshikawa also said that Nomura had been compelled to pay more than other investment banks to hire people after the financial crisis. The Japanese bank lacked a strong brand in the market and therefore, “didn’t have the luxury of attracting talented people at a cheap price,” said Yoshikawa. In London, data from self-reported compensation company Emolument suggested recently that Nomura pays its senior staff up to 70% more than rivals like Deutsche.
Separately, Bloomberg has identified a type of job where employment opportunities are going through the roof: data science, recently identified by Harvard Business Review as the ‘sexiest job of the 21st century.’ Data science practitioners are so sought after that jobs ‘fall into their laps’, says Bloomberg. As data increases exponentially, so will their job offers.
The British banking commission has yet to decide whether it supports the EU bonus cap. (Sky)
53% of HR managers at global banks in London think the EU’s bonus cap will actually increase overall pay. (Bloomberg)
Ex-Goldman traders are able to elicit personal loans from the bank, using fine wines as collateral. (Bloomberg)
Another reminder that the financial services sector went through a crazy period of unprecedented expansion. (Economix)
Ex-Morgan Stanley banker sees gap in market for Midtown club with ‘attractive staff’ catering for hedge fund types. (Bloomberg)
German banker falls asleep on keyboard, accidentally makes €222m transfer. (France24)
There is an anti-hedge fund protest in Mayfair today. (Twitter)
Alcoholic executives in America are employing ‘sober companions’ to temper their intakes. (New York Post)