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Inside views on the jobs market
Nomura moves to lock in Lehman’s Asia group
HONG KONG, Sept 30 (Reuters) – Japan’s Nomura Holdings plans to match last year’s bonus pool for Lehman Brothers’ Asia group, according to sources familiar with the matter, in an effort to prevent Lehman bankers from leaving.
The move is also aimed at showing Nomura’s commitment to Lehman bankers, who are still reeling from the collapse of the 158-year old New York institution.
The exact size of the bonus pool and exactly who is entitled to it is unclear, with top performers expected to get first claim.
Lehman’s Asia-based bankers will be offered cash for their 2008 bonus, the sources say, adding that in some cases, 2009 bonus money will be guaranteed as well.
Job Bank – Sep. 22
The following are job changes within the financial industry for September 22, linked where possible to profiles on LinkedIn.
NOMURA HOLDINGS The Japanese investment bank said James Lamb, Steven Ware, Kai Herbert, Sami Amara and Lofti Bensassi have joined its global foreign exchange sales and trading team in London. Herbert was previously from Bank of America, while the other four had worked at Bear Stearns.
GFI GROUP INC The inter-dealer broker added five new hires in emerging markets credit default swaps in New York. All five join GFI from BGC Partners.
DAVIS POLK & WARDWELL The law firm named former U.S. Securities and Exchange Commissioner Annette Nazareth a partner in its Washington, D.C. office. She will practice in the firm’s Financial Institutions Group.
RAINIER INVESTMENT MANAGEMENT INC The investment firm hired Michael Emery as senior equity portfolio manager and analyst. He previously was vice president and small-cap portfolio manager with Provident Investment Counsel.
BROADPOINT CAPITAL INC The broker-dealer subsidiary of Broadpoint Securities Group Inc named Clay Stephens as Managing Director and Roger Weilep as Vice President of Investment Grade Sales Department of Broadpoint’s Debt Capital Markets Division. Stephens was previously with Bear Stearns and Weilep was with Deutsche Bank Securities.
Wall Street job losses may be Asia’s gain
MUMBAI/SHANGHAI: Within hours of Bank of America agreeing to buy Merrill Lynch this week, Indian financial services firm Ambit hired five Merrill executives, a sign that Asia hopes to gain from massive Wall Street layoffs.
For China and India, whose economies are still expanding at well over 7 percent, the global financial industry crisis makes it easier to recruit bankers who are brushing off their resumes.
New York’s governor reckons 40,000 Wall Street jobs could go in a worst-case scenario, with talk swirling of more bank deals and mergers.
Lehman Brothers, which has filed for bankruptcy protection, has around 2,000 staff in India, including its back-office operation, while Merrill has about 500.
Ambit Holdings said on Monday it hired the five Merrill executives from a majority-owned local venture for its institutional equities and equity proprietary trading unit, including a 10-year Merrill veteran as head.
BNP Paribas and Nomura Securities in India are looking to hire Lehman executives, according to investment banking sources who asked not to be named because of the sensitivity of the matter. In Hong Kong, bankers said they were considering hiring from Lehman.
