Maybe it's the newfound power of the yen, but the Japanese are being bold.
Sumitomo Mitsui, Japan's second-largest bank, is expanding its brokerage business and plans to hire 1,000 workers by March 2013 to staff its new offices in New York, London and Hong Kong, according to Bloomberg.
The expansion will take place through Sumitomo Mitsui's Nikko Cordial Securities unit, which it bought from Citigroup almost a year ago. The company is looking for both experienced workers and fresh graduates, to tap a growing demand for underwriting securities and M&A advising.
Is anybody even listening to Queen of Doom Meredith Whitney any more? She was right about Citigroup's dividend cut in 2007, but nobody's paying heed as she warns that the securities industry is in a downward spiral.
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