Nomura just hired 40 students at triple the normal starting salary so that they wouldn’t instead choose to work for Morgan Stanley or Goldman Sachs, says Bloomberg.
Apparently most of Nomura’s young bankers next year will still be paid the traditional amount, $27,840 (2.4 million yen), but 40 lucky ones will make $75,000 (6.5 million yen) before bonuses.
Nomura is bidding to prevent top students from choosing overseas firms such as Morgan Stanley and Goldman Sachs Group Inc. that often offer higher salaries
The good news for the 560 bankers Nomura whom will pay the traditional amount is that they can file for overtime. The lucky 40 won’t get overtime.
So the new pay scheme is:
- For 40 bankers: $75,000 + benefits + bonus
- For 560 bankers: $27,840 + overtime + benefits+ bonus
They all start next April.