Mullin says: 'The past three years haven't been good for Nomura in international investment banking. The firm has made limited headway and market watchers have been second-guessing its commitment ever since it acquired Lehman Brothers' European and Asian businesses.
The contrast with Barclays Capital, which bought Lehman's U.S. business, couldn't be more marked. Barclays, the world's number one debt house, has used Lehman's U.S. platform as a springboard, investing heavily and hiring aggressively to build out its equities and M&A platforms into decent businesses in Europe in particular and, with a one-year lag, in Asia.
Nomura, on the other hand, has squandered its chances and wasted a fabulous opportunity to rebuild its credentials internationally beyond Japan-related business'.
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