Nomura to launch new west coast office as U.S. expansion continues
You’ll have to give it to Nomura; the Japanese bank is not afraid of growing too quickly, particularly here in the States. Increasing its U.S. headcount from 700 to 2,400 since 2009, with an acute focus on New York, Nomura is now headed west. The bank is planning to open a Los Angeles office early next year to accompany its San Francisco digs, according to Financial News.
The details are a bit slim, but the office will be headed up by fresh hire Michael Stavros, who Nomura poached from RBS back in September as a managing director in securitized product sales. Nomura’s Los Angeles location will launch as a sales office only, but Henson Orser, head of global markets Americas sales, told Financial News that the hope is to grow it into a fully functioning investment bank.
With the Japanese market largely muted, Nomura has been expanding rapidly in the U.S. Roughly two-thirds of its total global wholesale revenues now come from outside of Japan.
[efc_twitter text="The issue with Nomura, as always, is with the speed at which it enters new markets"] – something that has hurt the bank in previous years. Nomura did a ton of hiring in the U.S. several years ago before having to pull back as the economy stuttered.
“We have to be careful not to go in and then go out again because, unfortunately, we have a reputation for not being that consistent,” Atsushi Yoshikawa, Nomura’s president and the head of its investment bank, said last year.
Nomura has made a significant push to climb the M&A ranks in the U.S. since the crisis but has not found all that much traction, despite its aggressive hiring. But in L.A. they are starting small, beginning simply as a sales office, so it seems Nomura is moving more methodically this time around.
The Top Investment Banks for 2014 (eFinancialCareers)
If you want to work for an investment bank that dominates in the vast majority of business areas, try J.P. Morgan. Failing that, Goldman Sachs is a good bet. And then Deutsche Bank.
Getting a Job Using Social Media (eFinancialCareers)
Here are four tips on how to use social media sites to your benefit while avoiding their pitfalls.
The economy is on pace for its strongest year of job creation since 1999. The unemployment rate has fallen from 7% to 5.8% so far this year. As for Wall Street, the bigger impact could come from interest rate hikes that are likely to follow.
J.P. Morgan Chief Executive Jamie Dimon says he has “no evidence of cancer in his body” three months after concluding his treatment for throat cancer.
Ex-Goldman Trader Wants His Money (Bloomberg)
Former Goldman Sachs trader Deeb Salem just won’t give up on that $5 million he feels the company owes him. Salem made headlines earlier this year by claiming that Goldman should have paid him a bonus of $13.25 million for 2010, not the $8.25 million he received. He’s now appealing a ruling that went against him in September.
Goldman Hiring Veterans (Bloomberg)
Elsewhere, Goldman Sachs has been honored with the Patriot Award for employing veterans and donating more than $23 million to veteran causes. Hiring veterans is a priority “because they are the most focused, disciplined and professional people around,” Goldman CEO Lloyd Blankfein said. “It’s enlightened self-interest on our part.”
How to Trade Like an Insider (VICE)
Former Galleon trader Turney Duff offers a history lesson on the evolution of insider trading, along with some tips on how not to stink at it. He would know. His former boss got busted in one of the most high profile insider trading scandals ever.
Buzz Around the Office
12-year-old Louisa Manning was picked on in school for her weight and looks. A decade later, as an attractive adult, she was asked out by one of her former tormentors. She said yes, but with a hidden agenda in mind. Payback and a lesson learned.
Quote of the Day: “Having more than five close friends becomes a distraction and you need to focus on work. This is Wall Street not Walmart. You just don't have time for more than that.” – trader-turned-comedian Raj Mahal
