Nomura is as manic as every other bank when it comes to cost-cutting, but apparently not in fixed income. The Japanese bank plans to beef up its fixed income staff in Asia, Europe and the Americas, where it just hired two managing directors for foreign exchange and interest-rates sales, according to Bloomberg.
No hiring projections were given, but the bank sounds pretty desperate to add sales staff. Nomura is eyeing talent in rates, credit, currencies and securitized products, and even said it would swoop up any talented U.S. investment bankers that come up on its radar, particularly in health and technology.
The decision to add headcount is fairly surprising considering the bank is in the midst of a $1 billion cost-cutting effort. Then there’s the fixed income sector, an area other banks like UBS are walking away from. But Chief Operating Officer Atsushi Yoshikawa said the bank is suffering from “a shortage of staff to reach clients.”
Fixed income staffers continue to retreat from Morgan Stanley, and there are likely thousands of former UBS bankers sitting around, so Nomura should have no problem filling seats.
Who’s Your Daddy? (eFinancialCareers)
Succeeding as an entry-level financial advisor takes an impressive personal network along with an understanding that, for the first two to five years on the job, you’re nothing but a salesperson.
Blooming at the Right Time (WSJ)
Bloomberg has launched a new chat service designed specifically for foreign-exchange traders, giving them a singular avenue to negotiate, make and report trades. It was put together before the spying scandal.
Trading Staying in New York (eFinancialCareers)
Goldman Sachs is actively growing its operations in Salt Lake City, but has no plans to open a trading floor in Utah.
Three More Execs SAC’d (WSJ)
Three close confidants of SAC Capital founder Steven Cohen have been subpoenaed as part of the federal government’s insider trading case. Compliance Chief Steven Kessler is among the group.
Hopefully They Were Good Seats (The Republic)
Proxy firm Institutional Shareholder Services, which made waves earlier this month by recommending shareholders strip J.P. Morgan CEO Jamie Dimon of his chairman role, is back in the news. The firm was fined $300,000 after an employee leaked information on confidential proxy votes in exchange for tickets to concerts and sporting events.
Changing Seats (Reuters)
J.P. Morgan has named Barry Sommers the new chief executive of its consumer bank. Sommers will take over for Ryan McInerney, who is headed to Visa.
Poaching War (Financial News)
Chicago high frequency trading firm Jump Trading has grown its London headcount from 10 to 25 in the last year. The firm just poached a team of traders from Bank of America.
Buzz Around the Office
She’s the Princess (YouTube)
Ever wonder what your outlandish conversations with your kids would sound like if they took place between two grown men? Now you don’t have to.
List of the Day: Interview Mistakes
Hiring managers make mistakes in interviews too, often scaring away top talent. Here are a few big ones.
- Not studying the resume before the interview.
- Not taking notes.
- Rushing through the process.