Brokerages Reverse Course To Expand Recruiting
Wednesday, October 20, 1999
TOKYO (Nikkei)--Japanese brokerage houses, pleasantly surprised by the sudden return of individual investors to the stock market in recent months, have begun to increase recruiting midcareer brokers and specialists.
The firms have apparently recognized a shortage of capable staff after years of downsizing in anticipation of the deregulation of trading commissions that took effect Oct. 1.
Industry leader Nomura Securities Co. (8604) is filling positions for the second time this year for people 25 years or younger, without setting a ceiling on hires. It is also looking for systems development engineers, market analysts and lawyers to serve as compliance officers.
Kokusai Securities Co. (8615), for its part, is seeking sales staff because "employees at some branches are so busy they cannot even take lunch breaks," said an official at the brokerage. The firm also wants to add specialists in product development and market risk control.
Dai-ichi Securities Co. (8612) is also employing new sales staff and back office personnel.
The aggregate work force in the brokerage industry totaled 92,000 at the end of March, according to the Japan Securities Dealers Association.
While that figure is down more than 40% from the peak of 167,000 registered in June 1991, turnover value of stock trading by individual investors on three major exchanges surged 330% on the year in the six months ended Sept. 30.
(The Nihon Keizai Shimbun Thursday morning edition) |
