Nomura to Send 30 Japanese Bankers Abroad for TrainingTakahiko Hyuga
Nomura Holdings Inc., Japan’s largest brokerage, plans to send about 30 junior bankers to study abroad annually to boost language skills and international experience, according to a memo obtained by Bloomberg News.
Top-performing retail and corporate bankers, traders and other employees with the firm for three years will be sent overseas for about a year, Chief Executive Officer Koji Nagai said in the memo sent to employees today. The program will begin this year, according to the memo.
Nomura is seeking to strengthen its overseas business as more Japanese companies target cross-border takeovers and raise funds through global stock sales. While the Tokyo-based firm ranks No. 3 in advising on domestic mergers and acquisitions this year, it places 28th globally, data complied by Bloomberg show.
“The program is designed to cultivate the human resources needed to sustain growth as a global financial firm based in Asia,” Nagai said in the memo.
Candidates for the program will study a foreign language in Japan for two months before moving overseas for about nine months, according to the memo. Destinations and courses of study will be decided by the individuals, Nagai said.
Nomura’s Tokyo-based spokesman Kenji Yamashita declined to comment on the note.
Shares of Nomura fell 3.3 percent today in Tokyo Stock Exchange trading, closing at 765 yen. They have risen 52 percent this year, exceeding the benchmark Topix Index’s 39 percent gain.
Nagai, 54, is cutting $1 billion of costs to sustain a rebound in profit after expenses swelled following overseas expansion through the acquisition of Lehman Brothers Holdings Inc.’s European and Asian businesses.
Nomura’s pretax loss from overseas operations in the quarter ended June 30 widened 13 percent from a year earlier to 13.7 billion yen ($140 million) because of the weaker yen and costs related to retiring staff, the company said in July. Total net income for the period surged to 65.9 billion yen from 1.9 billion yen.