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    I'm considering offers from different firms and I would like to know what you guys think about Nomura's position in M&A atm. Im talking deal flow, reputation (how's the lehman acq. working out?) working hours, exit ops and compensation compared to I) other large firms like BarCap, CS, BoAML and II) top boutiqes like Greenhill. This is for FT in London btw.
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    dealflow and rep worse than all those listed except maybe BarCap
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    (Original post by Teenage Pirate)
    dealflow and rep worse than all those listed except maybe BarCap
    BarCap is a much better shop than Nomura. You're forgetting that BarCap has a big-ass balance sheet that it uses to win mandates, and the added credibility from Lehman acquisition.

    Nomura M&A is top notch in Asia-Pacific, but still largely middle market in the US & Europe. They are expanding though, they've tripled their US headcount in the past 2 years, but it'll be a while before we see significant gains on the league tables.

    Working hours are the same as any other big bank. I was however surprised to discover US & EU compensation at Nomura is in line with street, especially considering they don't work on the same size deals as the BBs.

    Nomura is still a Tier 2 bank though in the US & EU, so if I was in your shoes I would go for the bulge bracket (BAML, CS, BC), then a top boutique (Laz, GH, Evercore) and then Tier 2 (Nomura, RBS, BNPP).
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    *Zweihander

    Good post, thanks mate appreciate it!
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    (Original post by Zweihander)
    BarCap is a much better shop than Nomura. You're forgetting that BarCap has a big-ass balance sheet that it uses to win mandates, and the added credibility from Lehman acquisition.
    outside of DCM balance sheet doesn't really matter.

    BarCap's ECM "franchise" being a prime example of money being unable to buy any sort of meaningful role on a deal anywhere

    M&A... it does stuff, but to be honest Nomura does more stuff with the former Lehman guys
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    (Original post by Teenage Pirate)
    outside of DCM balance sheet doesn't really matter.
    BarCap wins M&A mandates because it can use its balance sheet and offer debt to finance acquisitions.


    (Original post by Teenage Pirate)
    BarCap's ECM "franchise" being a prime example of money being unable to buy any sort of meaningful role on a deal anywhere

    M&A... it does stuff, but to be honest Nomura does more stuff with the former Lehman guys
    To BarCap's credit they bought Lehman in late 2008, and no one was doing IPOs last year (ask Citi - they were bookrunner on a whopping 0 IPOs last year).

    BarCap does lead advisory on much bigger deals than Nomura . Nomura only bests BarCap in the Asia-Pacific region.
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    (Original post by Teenage Pirate)
    outside of DCM balance sheet doesn't really matter.

    BarCap's ECM "franchise" being a prime example of money being unable to buy any sort of meaningful role on a deal anywhere

    M&A... it does stuff, but to be honest Nomura does more stuff with the former Lehman guys
    (Original post by Zweihander)
    BarCap wins M&A mandates because it can use its balance sheet and offer debt to finance acquisitions.




    To BarCap's credit they bought Lehman in late 2008, and no one was doing IPOs last year (ask Citi - they were bookrunner on a whopping 0 IPOs last year).

    BarCap does lead advisory on much bigger deals than Nomura . Nomura only bests BarCap in the Asia-Pacific region.
    I have to agree with Teenage Pirate, balance sheet matters little outside of DCM and other Debt/Risk issues. Its a matter of what level the relationship maangers talk.
    Loans etc (read_ the stuff that come on a bank's balance sheet) are CFO issue, jsut as DCM. Which is why banks with a large balance sheet can throw around their weight to become big DCM/Finance players, e.g. the frenchies, RBS, pre-Lehman BarCap, UniCredit. They're not exactly big names in M&A or ECM though.

    For ECM and M&A you talk to a companies CEO rather than CFO.
    And its not like the banks above haven't tried. RBS for example is actively tryign to leverage their balance sheet and are failing and they are aware of it.

    So if you can show some correlation between balance sheet size and ECM/M&A go ahead. Fairly sure the Boutqiues aren't exactly thorwing aroud the weight of their balance sheets to win mandates.
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    (Original post by Zweihander)
    Nomura M&A is top notch in Asia-Pacific,
    Entirely agree. The love between the Japanese and the rest of APAC (esp. China) has been very well documented over the past 1,000 years or so.
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    (Original post by uthinkilltellu)
    Entirely agree. The love between the Japanese and the rest of APAC (esp. China) has been very well documented over the past 1,000 years or so.
    Emperor Hirohito and Chairman Mao used to play golf on the weekends at their country club :rolleyes:
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    (Original post by KLL)
    Fairly sure the Boutqiues aren't exactly thorwing aroud the weight of their balance sheets to win mandates.
    Thats the point of a boutique, they use the fact that they are independent to win mandates, so not really comparable to BBs...
 
 
 
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