Why is no one leaving Nomura's fixed income business?

Nomura's fixed income operation appears to have a magnetic appeal. According to City AM staff turnover in the division is down to 4% (the average across investment banking is usually in the region of 20%). Ominously, it says this may yet necessitate redundancies.

Why is no one leaving?

A spokesman for Nomura says he can't confirm churn rates but that they are, "incredibly happy with their rate of retention" (he also points out that earlier suggestions that Nomura would be hollowed-out post bonuses have come to nothing).

Yet, one fixed income headhunter says Nomura's stickiness may not be all that it seems.

"There really isn't too much keenness to hire from Nomura any more. They don't have that many good people," he says.

However, a rival headhunter says Nomura is more appealing than in the used to be and that its fixed income people don't want to leave because of the promotion of various non-Japanese to senior positions. Last month, Tarun Jotwani, a former Lehman Brothers banker, was appointed global head of fixed income.

"Basically, it's a Lehman takeover," he says.