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’Releasing the renminbi for Asia
Nomura has an ambitious big-think analysis paper out on getting Asia’s strident recovery through the medium term, particularly via capital markets reform. Check the Long Room for the full report, by John Lllewellyn and Lavinia Santovetti.
Snap news
Breaking pre-market news on Tuesday,
- BP’s Q4 replacement cost profit rises 33 per cent to $3.4bn, versus an expected $4.6bn – statement.
- Nomura returns to profit in third quarter – statement.
FSA fines Nomura £1.75m
Nomura has been fined £1.75m for “extremely serious” failings in its equity derivatives business as part of a regulatory crackdown by the UK’s FSA financial watchdog. The penalty stems from the failure by one of its former employees in Hong Kong to properly account for market volatility levels in his trading book.
The liquid and the not-so-liquid
Nomura publish a monthly global liquidity monitor, the latest edition of which has just found its way into the FT Alphaville inbox. We’re not quite sure what it’s for, other than to provide us with a selection of talking-point tables.
Nomura to double US headcount
Nomura is poised to double its headcount in the US, in a push that highlights the Japanese institution’s ambition to transform itself into one of the top five global investment banks. Nomura’s hiring spree will increase staff in the US to 1,200 by the end of this fiscal year to March,
Nomura to raise $5.6bn in funds
Nomura on Thursday unveiled plans to raise up to Y511.3bn ($5.6bn) in new funds in an effort to beat an expected rush of equity issuance by financial groups ahead of regulatory changes that could tighten capital requirements.
Nomura gets six-year UK rent break
Nomura will not pay any rent for almost six years on its new headquarters in the City of London under a deal to be announced on Tuesday. The Japanese investment bank will confirm plans to next year move its UK business and up to 4,000 staff,
Headhunter sues Nomura over Lehman
The London division of Nomura is being sued for up to £90m by a City headhunting firm for allegedly failing to pay fees associated with attracting star talent from Lehman Brothers amid its collapse last year,
Trading restores Nomura to Q1 profit
Nomura Holdings has reported its first period in the black since 2007, making a net profit of Y11.4bn ($120m) in the April-June quarter as trading profits surged and rising stock markets boosted its retail brokerage.
Architect of Lehman sale quits Nomura
The chief architect of the sale of Lehman Brothers’ Asian business to Nomura is to quit the combined operation, a move expected to reignite concerns over its successful integration. Jasjit “Jesse” Bhattal,
Nomura to boost US staff levels
Nomura is looking to increase headcount in the US by as much as 40% as part of its goal to become a globally competitive investment bank, said Takeo Sumino, its new US chief operating officer. The expansion plans come as Nomura was on Monday reappointed as a US primary dealer for the Treasury market – a sector it left in 2007.
The new equity market consensus
Another day, another big house predicting further gains for stock markets.
Joining Goldman Squid, Credit Suisse and HSBC, Nomura sees a further upside of 13% for global equities in the second half of the year.
Canary Wharf to be casualty of Nomura shift to City
Nomura is in exclusive talks to move its UK business, including teams acquired from Lehman Brothers, into an office development in the City of London, the FT reported. In the largest office deal in the square mile since 2005,
Japanese equity raisings: So much money, so much dilution
Rights issues, all the rage in many key markets, have never been popular in Japan.
In fact, just like in the US, they are non-existent. That is partly due to a broad preference among Japanese companies
Nomura set to buy NikkoCiti Trust
Nomura, Japan’s largest brokerage, may announce Wednesday a deal to buy Citigroup’s Japanese trust banking unit reports Bloomberg. Nomura Trust and Banking is in final talks to buy NikkoCiti Trust and Banking for about Y20bn ($208m).
Flowers and Cerberus get into ‘new sky thinking’ in Japan
The latest deal activity in Tokyo brings some intriguing twists in the oft-troubled saga of some top US buyout groups in Japan and their key investments: Shinsei Bank – 33 per cent owned by buy-out king Chris Flowers – and Aozora, 49.7 per cent owned by Cerberus.
Nomura’s Ashikaga plans IPO
Ashikaga Holdings, owner of the failed regional lender acquired by investors led by Nomura Holdings last year, plans to sell shares in an IPO in the second half of 2010, reports Bloomberg. Nomura, Japan’s biggest brokerage,
Four vie for Citi’s Japan unit
Citigroup has moved a step closer to selling its Japanese asset management arm, with at least four contenders lined up for a second round of bidding. The US bank is thought to want more than Y100bn ($1bn) for Nikko Asset Management.
Nomura staff warm to western contracts
Nomura has persuaded half of its jobs-for-life Japanese investment bankers to give up their local contracts and adopt more volatile western deals, in the mould of the Lehman Brothers operations it acquired last autumn.
Dresdner Kleinwort staff defect
Fifty Europe-based Dresdner Kleinwort equity specialists – including several top-ranked analyst teams – have jumped ship this week to Evolution and Nomura. Evolution recruited 46 staff members – including the bulk of DK’s equity sales and trading team and 18 analysts – and in the process boosted its securities division by 30%.
Weekend catch-up
In case you missed these stories:
- Swiss ask US to drop UBS case
Swiss President Hans-Rudolf Merz asked US Treasury Secretary Tim Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord between the two countries.
Sayonara HSBC: Tokyo’s latest ‘hollowing-out’ story
Bloomberg has the latest “hollowing-out” headline out of Tokyo: HSBC will close equity research, trading in Japan.
Europe’s biggest bank will shut its stock-research and trading businesses in Japan,
Mizuho warns of $5.9bn net loss
Mizuho Financial Group, Japan’s second largest bank, on Thursday warned it would report a full-year loss of Y580bn ($5.9bn) rather than a profit of Y100bn in the year to March 2009. The news came after third-ranked SMFG revised its full-year figures from a Y180bn profit to a Y390bn loss.
Salary envy — in Japanese
In the new era of “bonus rage” and amid continued grumbling within merged entities about disparate terms and conditions for employees, a Bloomberg report on Wednesday about Nomura’s generosity towards former Lehman recruits will undoubtedly pour a little more petrol on rare sparks of salary envy in Japan.
Nomura calls for cash
As expected, Nomura, Japan’s biggest brokerage, confirmed on Monday that it’s planning to raise at least Y291.2bn ($3.1bn) selling new shares to boost capital. The company will sell 375m shares overseas and another 341.4m in Japan,
How the ‘Lehman shoku’ could morph into the ‘Nomura shoku’
Nomura, which is still digesting big chunks of Lehman Brothers’ Asian, European and Middle East operations that it bought last year, would probably be the first to deny it has bitten off more than it can chew.
Nomura considers asset sales
Nomura admitted Tuesday it is considering selling off businesses to raise capital after the Japanese bank suffered a record quarterly loss as it struggled to digest its acquisition of parts of Lehman Brothers .