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Nomura struggles to integrate Lehman Brothers business
04 October 2011
Analysts complain that Nomura has yet to realise the potential of the former Lehman Brothers businesses. Is the Japanese investment bank turning away from its global ambitions? Bob Campion and Alastair O'Dell write
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Nomura
It has been three years since the Nomura took over Lehman Brothers’ European and Asian investment operations for a symbolic $2. The Japanese bank had weathered the crisis well and felt confident enough to make a bid to become a global full service investment bank. Such ambition was fraught with risk, given the state of the global economy, and subsequent macroeconomic events have not been kind.
In late July 2011 Nomura announced that it was cutting 300 jobs in Europe, 5% of its workforce in the region, and a further 80-100 elsewhere as part of a $400m cutting drive. In September, its shares hit a 37 year low. In addition, a handful of high profile people have left the prime services business, most recently Tim Wannenmacher in December. Such occurrences have led some to question Nomura’s commitment to its global ambitions. So what is really happening?
Short shrift
Nomura...
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