Lunchtime Links: Nomura only wants to pay 2m in headhunting fees for all its Lehman hires, but it allegedly owes 35m
The much awaited High Court Battle between Nomura and headhunters Hogarth Davies Lloyd,
has commenced.
Bloomberg reports that the case opened yesterday.
The pertinent facts are as follows: Nomura and Hogarth Davies Lloyd signed a contract in 2007 stating that Nomura would pay HDL a standard fee totalling 30% of each employee's first year compensation package, capped at 175k. When Lehman went under, HDL duly helped Nomura hire 242 ex-Lehmanites whose combined first year packages totalled 146m.
HDL is arguing that Nomura would, therefore, have it owed 43.8m, were it not for the fact that fees on quite a few of its hires were capped. What with those caps, HDL is asking for 35m instead.
Nomura's apparently offered 2m, and says the amount requested by HDL is, "commercially absurd." The case continues...
Nomura is a pimple at the bottom of most league tables. (Euromoney)
The EU bonus rules have been passed. (Financial Times)
Global investment bank earnings set for steep dip. (Financial Times)
Will US banks go shopping in Europe this summer? (Wall Street Journal)
Standard Chartered wants to hire 50 people for its investment banking operations in South Africa. (Bloomberg)
Splitting up Barclays into an investment bank and a retail bank could boost its share price by 40%. (Bloomberg)
If BarCap spun off its investment bank, it would need to raise 3.5bn and sell off its stake in Blackrock. (Bloomberg)
BarCap's hired two M&A bankers in Asia. (BusinessWeek)
Goldman's risk management can act as a benchmark for its investment banking peers. (Financial News)
Henry Kravis and George Roberts are worth $800m each. (The Times)
How to make your CV work. (Guardian)
Clearly time to become a conservation officer or a paramedic. (Telegraph)
