Tokyo-based Nomura is seeking to expand its wealth management business domestically via hiring and is also open to acquisitions.
Nomura’s domestic retail business is seeking growth by luring wealth from Japanese households. According to a «Bloomberg» report citing head of wealth management Go Sugiyama, the firm is now keen to recruit experienced talent.
Job applications from mid-career retail bankers have doubled, Sugiyama said, highlighting that the firm is also open to making acquisitions.
2019 Revamp
The growth drive follows a 2019 revamp that saw Nomura cut headcount and consolidate branches. According to filings, the Japanese bank’s wealth division saw the number of employees drop to a 17-year low of 7,328 last fiscal year.
«We feel we have made very good progress,» Sugiyama said, adding that the «phase of large-scale organizational changes» has been completed.
In June 2024, the division’s overall assets under custody reached an all-time high of 24.3 trillion yen ($170 billion) and Sugiyama said he is «confident» in achieving Nomura’s goal to expand to 35 trillion yen by March 2031.
