Word: walls
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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...
Nomura took a giant step toward realizing that goal last week, stunning Wall Street with a move to become a major player in the U.S. mergers-and- acquisitions game. The company said it was paying $100 million for 20% of the hot, new Manhattan investment firm started six months ago by Bruce Wasserstein and Joseph Perella, the Wall Street wizards who built First Boston's merger department into one of the best in the business and then left to strike out on their...
Like all other securities firms, Nomura has felt the sting of last October's Wall Street crash. For the six months ended last March, the company's profits nosedived to $713 million, a 23% decline from the same period a year earlier. But that was more than 300% higher than the 1985 figure, and Nomura continues to benefit from the unprecedented boom in the Tokyo stock market...
...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 an independent office, which opened at 61 Broadway in 1953. Nomura was also the first Japanese firm to open a securities...
...will be slow. Says a top officer in Tokyo: "The market in New York is very big, and it is going to take us a while before we really get a share. But we can be patient, even take some losses and develop it." Rivals on Wall Street know they cannot afford to be complacent. Says Eugene Atkinson, former head of the Tokyo branch of Manhattan's Goldman, Sachs investment firm: "Despite all our efforts to make long-term plans, we pale in comparison with Nomura's awesome strategic thinking and investment." There is always the reminder of Detroit...