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Nomura Triples Salaries for Some University Graduates (Update1)
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By Takahiko Hyuga
Feb. 24 (Bloomberg) -- Nomura Holdings Inc. will almost triple annual salaries for some investment-banking and trading recruits, closing a compensation gap with workers who joined in the 2008 takeover of Lehman Brothers Holdings Inc.’s Asian unit.
Tokyo-based Nomura plans to pay 6.5 million yen ($72,000 = SGD 100k) plus bonuses to some university graduates who join its investment banking, trading, research and legal departments in Japan next April, according to its recruitment Web site. It currently pays a 2.4 million yen starting salary for those posts.
Nomura, Japan’s largest investment bank, is matching the pay it gave college graduates originally recruited by Lehman in the country before its September 2008 bankruptcy. Lehman offered jobs to more than 20 local college seniors before the firm collapsed. Those recruits were paid a 6.5 million yen salary, people with knowledge of the matter said last year.
“It’s absolutely imperative for Nomura to raise salaries for new graduates,” said Wataru Kasatani, a senior analyst at MDAM Asset Management Co., which oversees about $2.5 billion in Japanese stocks. “This is a step toward becoming a global firm.”
Japanese companies typically extend job offers to university students as much as a year before graduation. The Japanese academic year ends March 31, and the recruits begin work on April 1.
Nomura fell 2 percent to 653 yen at the 11 a.m. trading break in Tokyo.
‘Quality of Staff’
Nomura hired about 500 university graduates for the fiscal year that starts April 1, 2010, said spokeswoman Keiko Sugai.
“I’m surprised to see Nomura is trying to install a global standard. It sounds like a clear revelation that the firm will compete against Goldman Sachs Group Inc. or Morgan Stanley,” said Katsunobu Komizo, the chief executive officer of Executive Search Partners Co. in Tokyo. “It’s a positive move as the quality of staff is the most significant element to increase revenue.”
Nomura has introduced a new compensation system for university graduates, said Sugai. Employees who get paid the “global” package that includes a 6.5 million yen starting salary don’t get additional pay for overtime. Those who get 2.4 million yen receive overtime compensation and other benefits, Sugai said.
“The new pay system is designed to bring in specialists reflecting the characteristics of each business line,” Sugai said in an interview. “This will help new employees foster their career plans. You cannot simply compare the two types of salaries.”
English Score
The company’s recruitment Web site advertises about 10 positions at its mergers and acquisition advisory and equity and bond underwriting businesses under the new salary system, and 20 at the global markets units, which includes trading operations. Recruits for investment banking are required to score more than 860 on the Test of English for International Communication.
In a prospectus issued a year ago for a $3 billion share sale, Nomura listed risks including “failure, delays or other difficulties in integrating the former Lehman employees with our original employees to form and operate efficiently as a single team.”
Nomura added 8,000 Lehman employees in October 2008, guaranteeing salaries and bonuses for some workers. Lehman paid employees an average of $332,000 in the fiscal year ended Nov. 30, 2007. Nomura’s average pay was $144,000 for the 12 months through March 2008.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at [email protected]
Last Updated: February 23, 2010 21:29 EST
Nomura Triples Salaries for Some University Graduates (Update1)
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Takahiko Hyuga
Feb. 24 (Bloomberg) -- Nomura Holdings Inc. will almost triple annual salaries for some investment-banking and trading recruits, closing a compensation gap with workers who joined in the 2008 takeover of Lehman Brothers Holdings Inc.’s Asian unit.
Tokyo-based Nomura plans to pay 6.5 million yen ($72,000 = SGD 100k) plus bonuses to some university graduates who join its investment banking, trading, research and legal departments in Japan next April, according to its recruitment Web site. It currently pays a 2.4 million yen starting salary for those posts.
Nomura, Japan’s largest investment bank, is matching the pay it gave college graduates originally recruited by Lehman in the country before its September 2008 bankruptcy. Lehman offered jobs to more than 20 local college seniors before the firm collapsed. Those recruits were paid a 6.5 million yen salary, people with knowledge of the matter said last year.
“It’s absolutely imperative for Nomura to raise salaries for new graduates,” said Wataru Kasatani, a senior analyst at MDAM Asset Management Co., which oversees about $2.5 billion in Japanese stocks. “This is a step toward becoming a global firm.”
Japanese companies typically extend job offers to university students as much as a year before graduation. The Japanese academic year ends March 31, and the recruits begin work on April 1.
Nomura fell 2 percent to 653 yen at the 11 a.m. trading break in Tokyo.
‘Quality of Staff’
Nomura hired about 500 university graduates for the fiscal year that starts April 1, 2010, said spokeswoman Keiko Sugai.
“I’m surprised to see Nomura is trying to install a global standard. It sounds like a clear revelation that the firm will compete against Goldman Sachs Group Inc. or Morgan Stanley,” said Katsunobu Komizo, the chief executive officer of Executive Search Partners Co. in Tokyo. “It’s a positive move as the quality of staff is the most significant element to increase revenue.”
Nomura has introduced a new compensation system for university graduates, said Sugai. Employees who get paid the “global” package that includes a 6.5 million yen starting salary don’t get additional pay for overtime. Those who get 2.4 million yen receive overtime compensation and other benefits, Sugai said.
“The new pay system is designed to bring in specialists reflecting the characteristics of each business line,” Sugai said in an interview. “This will help new employees foster their career plans. You cannot simply compare the two types of salaries.”
English Score
The company’s recruitment Web site advertises about 10 positions at its mergers and acquisition advisory and equity and bond underwriting businesses under the new salary system, and 20 at the global markets units, which includes trading operations. Recruits for investment banking are required to score more than 860 on the Test of English for International Communication.
In a prospectus issued a year ago for a $3 billion share sale, Nomura listed risks including “failure, delays or other difficulties in integrating the former Lehman employees with our original employees to form and operate efficiently as a single team.”
Nomura added 8,000 Lehman employees in October 2008, guaranteeing salaries and bonuses for some workers. Lehman paid employees an average of $332,000 in the fiscal year ended Nov. 30, 2007. Nomura’s average pay was $144,000 for the 12 months through March 2008.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at [email protected]
Last Updated: February 23, 2010 21:29 EST
