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    Alright guys,

    Just thought I'd post a message on here to get some advice on my current situation.
    Basically right now I've been lucky in that I've been given offers from RBS and Nomura Bank for a summer internship in Global Markets.
    I've been given 2 weeks to get back to them.
    I'm wondering, what would you recommend I accept?
    RBS is obviously nationalised and has gone through bad times, but from what I've heard the work culture there is much more collegial and pleasant than at other IBs.
    With Nomura, since its a Japanese bank I have been told that perhaps the working atmosphere will be much more regimented, but on the other hand it is expanding and has done well in recent times.
    Therefore I'm slightly puzzled and hoped I could get some advice from you guys!

    Thanks

    Jack
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    Nomura has better reputation. Most of the guys are former Lehman. No Japanese working culture, don't worry
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    Looking at long term, I had say Nomura would add more for your experience and CV. Especially if you are interested in Asia in the long run.
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    If you are interested in FICC, go for RBS.
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    In my honest opinion, for Global Markets, I would say go for RBS. Great atmosphere, great culture and people, and they have very strong desks. Most importantly, huge career advancement opportunities at RBS (Markets side).
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    Rates & FX RBS hands down. Credit & Equities probably Nomura.
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    Do you know how far Nomura are in hiring for markets for the summer?
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    hi, thanks for everyone who has replied so far.
    just to clarify, the internship is not asset class/desk specific (i.e. equities or rates or credit etc) but is instead a rotational programme which rotates interns through different desks within sales, or trading etc.

    also, do you think the nationalisation of rbs will have any impact on people working as a young graduate/analyst in their first few years?
    do you think there will be a difference in bonus payments made to rbs and nomura staff?

    thanks
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    hi, does anyone know what the situation is with RBS and bonus payments over the next few years? Are they going to be non existant?

    I was concerned that since RBS has been nationalised and is under scrutiny from the public, they would not be free to make bonus payments anytime soon, whereas Nomura wouldn't have the same pressures to restrain bonus payments?

    Your opinions?
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    http://dealbreaker.com/2010/01/bonus-watch-10-rbs.php
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    (Original post by jjmack)
    hi, does anyone know what the situation is with RBS and bonus payments over the next few years? Are they going to be non existant?

    I was concerned that since RBS has been nationalised and is under scrutiny from the public, they would not be free to make bonus payments anytime soon, whereas Nomura wouldn't have the same pressures to restrain bonus payments?

    Your opinions?
    jjmack,

    There have been bonuses. They paid out bonuses and they will pay out bonuses this year, next year and forever (as far as I can see). I cannot give out UK bonus numbers (though I am aware), I am certain that they paid out $40,000 in year-end bonus to its traders and salesmen in their Stamford, USA office. That was for first-year analysts and mid bonus bucket.

    Whoever says that RBS will not pay out bonuses is absolutely wrong and does not know what's actually being paid out at the bank. You can count on me on this.

    As I said in the other thread, RBS is very strong in S&T relative to Nomura. Surely, Nomura is not owned by the British government but it's a company that is known for giving out relatively low bonuses due to their corporate culture. If you come to RBS S&T, you will be treated absolutely well and get paid very well. RBS is selling off non-core assets and is solely focusing on its GBM unit, specifically the Global Markets division. That's where they are good at and they are pouring all of its resources to strengthen and grow the division. When you are making career decisions, it's very important to consider whether you will be in an area that is well respected by firm insiders. RBS Global Markets certainly is. It is really the most prized division of RBS and RBS will pay well to retain their talents.

    All the negative press around RBS bonus is very political at this moment. It will certainly die out once the UK election's over. Once they are elected and seated, they will not care and it's not in their interest to do so.
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    Is Nomura rotational as well?
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    FifthQuarter, you're a star mate!!! thanks for your info in this thread and the other, its very helpful!

    Anfitrion, yes, Nomura (as does RBS) holds a rotational programme.
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    All the negative stuff that has hit RBS will/has had an impact on the morale on the trading floor, so bear it in mind. Not sure how the whole transition from Lehman to Nomura has hit morale on the Nomura trading floor though...
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    (Original post by jjmack)
    hi, thanks for everyone who has replied so far.
    just to clarify, the internship is not asset class/desk specific (i.e. equities or rates or credit etc) but is instead a rotational programme which rotates interns through different desks within sales, or trading etc.

    also, do you think the nationalisation of rbs will have any impact on people working as a young graduate/analyst in their first few years?
    do you think there will be a difference in bonus payments made to rbs and nomura staff?

    thanks
    I won't tell you who to choose between RBS and Nomura as that's completely up to you and dependent on a whole host of factors. But I can comment on how the collapse and ensuing part-nationalisation of RBS has affected life as a graduate or young sales/trader. This is what I wrote in response to someone else who asked me a similar question:

    If you were a 28 year old trader with 5 years experience, I'd advise you to look elsewhere as the money will be better. If you want to learn as much as possible in your first 2 years, I'd advise you to come to RBS. Because a number of people have left the bank, there is a gap between the very best and the young guns.

    The people who have left for other banks are those who weren't good enough to have guarantees from management and so left to secure better compensation. The top traders are all here because they are being paid. But that's left a gulf in the middle which is being filled by people like me. I have no doubt that I would never be in the job I'm in now had it not been for the financial crisis. And because of the situation at RBS I am now ahead of my peers at other banks, which at our stage is what it's all about in my opinion. As a senior trader said to me before xmas, why worry about 50k now when you'll be worrying about 500k in a few years.

    The first 2-3 years of your career are all about learning as much as possible and gaining as much experience of the markets as possible. You should take the job you think offers you that.
 
 
 
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