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Nomura CEO Kenichi Watanabe: Not Planning Job Cuts!
By Amarendra Bhushan for CEOWORLD Magazine Updated:November 19, 2008
Get CEOWORLD Magazine digital monthly version. special- Top Capital Cities for a business Traveler, # Interview with Minister of Tourism of Greece. 1 Issues Subscription= $1 Only, 10 Issues Subscription= $5 Only. Grab your copy now!!!!Nomura Holdings Inc., Japan’s biggest brokerage, chief executive said his company doesn’t plan to cut jobs following the takeover of Lehman Brothers’ investment banking and equity operations in Europe and Asia.
“There are no specific job cuts planned at this point,” Kenichi Watanabe told reporters at the Foreign Correspondents’ Club of Japan.
Watanabe added that given the current market situation there may be job increases or decreases but the company’s stance is unchanged from before the Lehman acquisition. When Lehman Brothers Holdings Inc. filed for bankruptcy in mid-September, Nomura pounced. It snapped up Lehman’s operations in Asia, Europe and the Middle East for $2 billion in what Watanabe describes as a “once-in-a-generation” opportunity. It later added three of Lehman’s subsidiaries in India.
Watanabe, who took over as chief executive in April under a mantra of change, said he seeks nothing less than a “new Nomura.”
“I felt Nomura’s clients were changing but we were not,” he said. “Therefore top management was considering how we could change the company to better serve the growing needs of our clients. And we were looking to further increase our client base.”
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