Nomura Holdings Inc. is moving forward with plans to hire wealth managers for its new China operation, though the outbreak of the new coronavirus threatens to slow the expansion, according to an executive overseeing the project.
"We are entering the phase of adding front-line staff," including bankers who sell investment products to rich clients, Toshiyasu Iiyama, the brokerage's China committee chairman, said in a recent interview. While the spreading virus has yet to cause any noticeable delays to the strategy, it has the potential to "slow the speed," he said.
The deadly epidemic in China comes as global banks rush to capitalize on the nation's moves to open its $45 trillion (¥4.9 quadrillion) financial industry. It's too early to say whether there will be any long-term effects, but widespread travel restrictions are in place and firms including Nomura have told workers returning from the mainland to work from home.