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Japan's Nomura extends hiring spree to include expansion in fixed income

JAPANESE bank Nomura is to ramp up its efforts to expand internationally with a new push into the fixed income arena.<br /><br />The bank is this week set to unveil the appointment of eight new managing directors in London, to add to the 90 or so hires that the company has already made in Europe during its expansion drive.<br /><br />The hiring spree is being directed from Japan by Tarun Jotwani, the former head of Indian operations at Lehman Brothers who became Nomura&rsquo;s global head of income with the acquisition of the failed Wall Street bank&rsquo;s European, Middle Eastern and Asian operations.<br /><br />Jotwani said Nomura was taking advantage of the fact that 16 per cent of the market share in fixed income had been vacated by rival companies, adding that the company&rsquo;s targets for fixed income were close to being met in the first quarter. He also dismissed suggestions that he could not effectively run a European expansion operation while based in Tokyo.<br /><br />Nomura&rsquo;s global markets operations, of which fixed income makes up the lion&rsquo;s share, has booked revenues of 187bn yen (&pound;1.22bn) in the quarter to the end of June, compared to 11m yen a year earlier, before the Lehman acquisition.<br /><br />The company has also been aggressively hiring in the US, where it has taken on 110 new staff as part of its global expansion efforts.