This Hybrid Is Looking Plenty Tough

Nikko Salomon Smith Barney has Citi's clout, Japan Inc.'s trust

It's only a year old. And from the start, the betting was that a hybrid investment bank--part American, part Japanese--would have a tough time in Japan Inc. But take another look. Nikko Salomon Smith Barney has nabbed some of the biggest underwriting and merger business of the past 12 months. Now the fledgling is taking on the likes of Morgan Stanley Dean Witter, Goldman Sachs, and J.P. Morgan--the big foreign houses that dominate the Tokyo market for merger and underwriting advice. Says Toshiharu Kojima, Nikko Salomon's chief executive: "We're now a global bank offering one-stop shopping."

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