Wednesday’s Headlines: Nomura to Increase its Hiring in the U.S.

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As competitors cut back, Nomura Holdings plans to triple the number of managing and executive directors in its American investment bank unit from 38 to about 100 within the next three to five years, according to Bloomberg.

"Expanding the U.S. business is a must for Nomura if it wants to raise its ranking in the global league tables,” said Takehito Yamanaka, a Tokyo-based analyst at Credit Suisse Group AG. “It’s easier for Nomura to hire talented bankers as its banking and brokerage rivals are reducing headcounts.”

The Japanese bank has grown from 900 employees in 2009 to 2,350 this year to support $1 billion in banking revenues. North America generated 27 percent of the bank's fourth-quarter revenue. Nomura’s goal is to be part of the top 10 banks in fees worldwide – and one of the few based in Asia.

Said James DeNaut, head of investment banking for the Americas: “We’re going to go into a period in the next couple of years of a very good market for U.S. investment banking. Some companies which are doing well are starting to look to do merger work, consolidating sectors and improving margins. Those companies that are still struggling through balance-sheet issues are active on financing or restructuring transactions.”

Meanwhile, the bank has laid off nearly 500 employees in Europe since the end of March, and its competitors slash positions here. Nomura did not take advantage of the Lehman liquidation in 2008 and 2009.

 

Other News:

Regulation causes foreign wealth managers to turn away rich Americans. [Businessweek]

ING’s Q1 profit fell 51 percent on the economy. [Dow Jones]

Germany's Commerzbank Q1 profit shrank by two-thirds on lower fees and interest. [WSJ]

J.P. Morgan will sell prepaid debit cards. [WSJ]

Blackstone bought an office complex in London’s financial district for $547 million. [Financial Times]

A hedge fund run by Riley Paterson was shuttered. [Bloomberg]

Deutsche securities banker Ryo Ishiyama, will open a $3.8 million hedge fund in Japan through Steinberg Capital. [Bloomberg]

Former Medical Capital president was sentenced up to 21 years in jail for a Ponzi scheme that cost investors $1 billion. [Investment News]

BofA’s Moynihan tops a list of worst-performing bank chiefs. [Fortune]

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