Falling on your sword isn't unique to Swiss or British banks. You can add a Japanese chief executive and a chief operating officer to the list of bigwigs who have ceded their thrones to stave off crises.
Amid allegations of insider trading, Nomura head Kenichi Watanabe and Chief Operating Officer Takumi Shibata will step down, the firm said yesterday. They will be replaced by Koji Nagai, head of the brokerage unit, and Atsushi Yoshikawa, regional head of the Americas business, respectively.
This is no routine transfer of power. With the change at the top, Nomura's blueprint for expansion outside Japan has been called into question. After Lehman Brothers failed in 2008, Nomura acquired its European and Asian operations under the stewardship of the departing duo, who aimed to dominate investment banking globally.
Incoming chief Nagai said yesterday that the bank will review its strategy and focus on certain markets and business lines, mainly in Asia. "We are not lowering our global flag," Nagai said yesterday, the Journal reported. Then, he added: "We want to select and focus businesses drastically."
It's not clear how this will affect U.S. workers, though it's a good sign that the head of the Americas business was tapped for the No. 2 position. Up until now, the bank has clung to plans to expand its Americas business and move into a larger building in midtown in 2013.
Hey, hey, hey: There's a new moneybags in town. Jefferies beat out Goldman for the amount of compensation it has set aside for employees in the first half of the year.
Like its bulge-bracket brethren, Lazard plans to cut costs in the coming months, which will adversely affect the bonus pool this season.
Citigroup's former chairman, Sir Winfried Bischoff, says he agrees with Sandy Weill's proclamations that banks need to be broken up.
In its search for a new CEO and chairman, Barclays is likely to consider candidates from Canada, which boasts a strong finance sector relatively unmarred by the financial crisis.
Dick Fuld should be feeling pretty happy right now. Three of the executives who parceled out the remnants of Lehman amongst themselves after it declared bankruptcy are now out of a job.
Potential Achievements (At Work)
Don't worry if your resume isn't replete with myriad accomplishments: Employers want to know that you have the potential to be a rock star. You don't have to be one already.
Buzz Around the Office
An Australian man has learned the hard way that an oven is not a very good place to store your life savings. The man's wife preheated the oven to cook her kids chicken nuggets, only to later find out that $15,000 in cash was burning up.
List of the Day: Make the Most of Meetings
Not every meeting has a point, but it's still good to try to stay awake.
1. Make small talk with new people from other departments.
2. Be prepared to offer your opinion.
3. Don't fidget with your phone.
(Source: The Daily Muse)
- Bull/Bear Report - Hirings, firings, rising stars and downward spiral of the finance job market
- Get the job: From writing resumes to negotiating the offer, all the tools to land the perfect finance job
- Morning Coffee: Sign up for the latest in finance career news
- FINS.com: Finance jobs, research and career news by FINS from The Wall Street Journal