Nomura has joined the banks moving sales and trading staff from London to Frankfurt because of Brexit. However, the numbers affected will be small.
Reuters reported on Friday that Nomura has got a new securities licence for Frankfurt. The Japanese bank's new trading business will be located in "Nomura Financial Products Europe GmbH." However, Nomura informed us that it has limited intention of adding staff to the new unit.
"We expect a small proportion of employees - less than 100 - to move from London to Frankfurt," said a Nomura spokeswoman. Not all the positions will be filled with ex-Londoners. "We will make some adjustments on site," added the spokeswoman, who declined to discuss how many people are likely to be hired locally.
London-based Nomura International employed around 2,300 people in the year to March 31st 2017. 2,166 worked in the United Kingdom, 117 worked in the rest of Europe and 21 were in the Middle East.
Nomura's not the only Japanese bank setting up a Frankfurt base post-Brexit: Japanese bank Daiwa has chosen the German city too.
A German headhunter who wishes to remain anonymous said Japanese banks have begun hiring front office staff in Frankfurt - unlike U.S. banks which are still focused on filling middle and back office jobs in the city.
In addition to the new "Nomura Financial Products Europe GmbH", Nomura already operates "Nomura Asset Management Germany GmbH," which has 33 employees.
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