Published: September 25 2008 21:30 | Last updated: September 25 2008 21:30
Lehman Brothers’ top investment bankers in London have been offered large guaranteed cash bonuses by Nomura, the Japanese lender that this week bought the European and Asian operations of the bankrupt Wall Street bank.
Nomura has offered to pay Lehman investment bankers the equivalent of last year’s bonus, in cash, if they stay until the autumn of 2009. It has also promised that the 2009 bonus pool will be the same size as last year, though a proportion will be in the form of restricted stock.
(ft.com)
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Nomura to take on 2,000 Lehman staff in India
3 Oct 2008, 1002 hrs IST,AFP
TOKYO: Japan's top broker Nomura Holdings Inc. is to buy bankrupt Lehman Brothers' global back-office operations based in India, retaining the workforce of more than 2,000, newspapers said on Friday.
Nomura, which is already buying Lehman's operations in the Asia-Pacific, the Middle East and Europe, will acquire the Indian businesses for several billion yen (tens of millions of dollars), the Nikkei business daily said.
The back-office operations, based in the financial hub of Mumbai, handle trading settlement duties as well as information technology (IT) research and development.
Nomura reportedly decided to make the extra investment as the Indian base has talented IT workers and has functioned as the heart of Lehman's cutting-edge systems. Nomura declined to comment.
The Japanese broker moved swiftly to buy up Lehman's operations in Europe and Asia after the once-mighty Wall Street titan was brought down by the financial crisis that has rocked world markets.
It could not touch the global back-office when it clinched a deal to buy Lehman's Asian operations because it was under the wing of the North American business, which is being bought by Barclays of Britain, the Asahi Shimbun said.
The workforce in India will bring the number of Lehman employees taken on by Nomura to about 8,000, the newspaper reported.
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