Summit Notebook

Exclusive outtakes from industry leaders

from Clare Baldwin:

Nomura banker says singing for karaoke only

Takeo Sumino, chief operating officer of Nomura Holding America Inc, wants to make one thing clear: neither he nor his Tokyo colleagues are into the habit of breaking into song first thing in the morning at the office.

A Wall Street Journal story in July said that one group of Nomura traders sang a company song in morning meetings.

“Japan created the video game, Japan has created the karaoke culture, but that does not necessarily mean that Nomura as a company will ask people to sing a song every day,” he said, trying to debunk reports of culture clashes between Nomura bankers and their new colleagues at the former Lehman Brothers empire in Asia and Europe.

“I worked in Nomura for 22 years. I never sang a song in the morning,” he said. “If you want to sing a song or listen to my song I can take you to karaoke, but you don’t need to come to my office because I don’t sing a song.”

Nomura: Lehman taking shape

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Nomura’s takeover of Lehman Brothers’ European and Asia businesses is yielding results, and concerns the Japanese bank will struggle to marry cultures is misplaced, according to the man who drove the deal.

“It’s a very successful start and we’ve been happy with what we’ve got,” Takumi Shibata, chief operating officer for Nomura, told the Reuters Japan Investment Summit in Tokyo.

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