Let's all work for a Japanese bank

2 February 2009

2 minute read

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."

AUTHORSarah Butcher

Global Editor

Mo
Morihatsu
12 August 2011
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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Ti
Tim
6 February 2009
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
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IQ
IQ
4 February 2009
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.
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ma
maidavale
3 February 2009
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
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PB
P Brendan
3 February 2009
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.
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