You’ll have to give it to Nomura; the Japanese bank is not afraid of growing too quickly, particularly here in the States. Increasing its U.S. headcount from 700 to 2,400 since 2009, with an acute focus on New York, Nomura is now headed west. The bank is planning to open a Los Angeles office early next year to accompany its San Francisco digs, according to Financial News.
The details are a bit slim, but the office will be headed up by fresh hire Michael Stavros, who Nomura poached from RBS back in September as a managing director in securitized product sales. Nomura’s Los Angeles location will launch as a sales office only, but Henson Orser, head of global markets Americas sales, told Financial News that the hope is to grow it into a fully functioning investment bank.
With the Japanese market largely muted, Nomura has been expanding rapidly in the U.S. Roughly two-thirds of its total global wholesale revenues now come from outside of Japan.
[efc_twitter text="The issue with Nomura, as always, is with the speed at which it enters new markets"] – something that has hurt the bank in previous years. Nomura did a ton of hiring in the U.S. several years ago before having to pull back as the economy stuttered.
“We have to be careful not to go in and then go out again because, unfortunately, we have a reputation for not being that consistent,” Atsushi Yoshikawa, Nomura’s president and the head of its investment bank, said last year.
Nomura has made a significant push to climb the M&A ranks in the U.S. since the crisis but has not found all that much traction, despite its aggressive hiring. But in L.A. they are starting small, beginning simply as a sales office, so it seems Nomura is moving more methodically this time around.
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