Nomura HR calls the shots on compensation

Ex-Lehman bankers at Nomura will find that when it comes to determining pay scales, the human resources department has far more power than it did at their old firm.

The difference between US and Japanese levels of compensation has been frequently discussed. For example, the entire top executive board at Nomura reportedly gets less in total compensation than an associate or senior vice-president would have got on Wall Street in 2005 or 2006, according to headhunters in Tokyo.

In addition, bonuses in Japan are much less volatile than in the US. Bonuses in Japan shift by 5%-10% a year, while they could differ by 100% between years in...

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