Word: branched
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Dates: during 1980-1989
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...victors in Nomura's internal competition go big rewards. A 35-year- old salesman may earn $90,000 a year, a slightly older branch manager $110,000. Those amounts may seem puny by Wall Street standards, but they are princely sums in Japan, where in most firms only high-ranking executives earn more than $70,000 a year. Unlike many Japanese companies, Nomura does not promote employees solely on the basis of seniority. If a young salesman or trader shows unusual dedication, he can move rapidly to a managerial post. Says a competitor: "For many people, it is painful...
Behind the firm's drive to become the world's unrivaled financial heavyweight is Yoshihisa Tabuchi, 56, a forceful and intensely competitive 32- year Nomura veteran, who became its president in 1985. A former salesman and retail-branch manager, Tabuchi believes Nomura's aggressive style of selling and dealmaking can work in any market, no matter what the language or currency. Nomura, after all, has a big advantage over foreign rivals -- and Tabuchi knows it. Says he: "Japan has simply become the world's source of capital...
...staff of 2,700 salesmen operates out of 131 branch offices throughout Japan, handling 4.8 million individual and 200,000 corporate accounts. In addition, the company has a 2,600-strong force of part-time saleswomen, mostly middle-aged, who troop from door to door, hawking stocks and bonds. This corps was established 30 years ago, when the company sought to spur personal investment by distributing savings chests to Japanese households. The local saleswoman held the keys to savers' chests. Each month she came by to empty the chest and place the money in the customer's Nomura account...
...offers technical support for the company's brokers. NRI & NCC provides a wide range of studies, from detailed profiles of Japanese companies to analyses of worldwide interest-rate moves. The information is stored in $270 million worth of mainframe computers that feed data into 45,000 terminals in Nomura branch offices around the world...
...emphasis on technology is part of Tabuchi's plan to make Nomura a major force in Western countries, a goal first mapped out more than 60 years ago. In 1927 Nomura opened offices in New York City's Equitable Building, becoming the first Japanese securities firm with an overseas branch. That inspired proud lines in a 1929 company song: "The Japanese flag is hoisted in the morning breeze on Wall Street/ And the Statue of Liberty smiles upon/ Our truly global power." After World War II, Nomura was the first Japanese securities company to return to New York with...