Some will be at their new desks in foreign lands within two weeks of being told. That is the way it still works in Japan.
Daiwa aims to double its profits from foreign businesses by 2012, taking it up to 20% of total profits. Some of this will be done from organic growth and some through mergers and acquisitions (M&A). Either way, it involves a Japanese diaspora of the like that has not been seen since the 1980s.
“We are looking at expanding every aspect of the business, including M&A and derivatives,” says Mr Shin Yoshidome, president of Daiwa Securities SMB. He sees huge opportunities coming from the growth of cross-border activities in Asia and cites the first case of a Chinese company listing on the Tokyo Stock Exchange. Daiwa, which led this deal, expects to see many more. “Our sales power in Japan is second to none, there is no-one stronger than us,” says Mr Yoshidome.
Now it’s a question of building more power overseas.
