Japan's top broker Nomura Holdings said today it would buy Lehman Brothers' IT support hub in India, taking on another 3,000 workers as it picks up the pieces from the Wall Street giant's collapse.
Nomura, which is already buying a swathe of Lehman's operations across Asia, the Middle East and Europe, will take on the failed US bank's India-based back office and information technology support businesses for an undisclosed sum.
The Indian subsidiaries, based in the financial hub of Mumbai, were not included in the earlier deal, but Nomura decided it needed to take on the IT experts responsible for running Lehman's state-of-the-art stock trading system.
While financial terms were not disclosed, the Nikkei business daily reported last week that Nomura had agreed to pay 'several billion yen' (tens of millions of euros) for the Indian operations.
The move comes amid reports that Nomura is losing some of Lehman's top talent to Western rivals, who have traditionally paid more than Japanese banks and offer a work culture that rewards performance above seniority.
