Asian investment bank Nomura is using IT skills acquired from bankrupt Lehman Brothers to support its global e...
The bank has taken over three services units based in Powai India from Lehman Brothers, which will give it 1,200 additional IT staff.
The three operations provide IT support for various business units at Lehman Brothers.
"This will significantly enhance Nomura's IT functions and other support operations including financial control, operations, risk management, as well as analytical support for various business verticals," Nomura said in a statement.
"The acquisition of Lehman's operations in Powai is an important component of our global expansion strategy. It will allow us to significantly enhance our global service platform to support the business expansion that the combined talents of Nomura and Lehman will drive going forward," said Kenichi Watanabe, president and CEO of Nomura.
Robert Morgan, director at consultancy Hamilton Bailey, said the reputation of Lehmans IT operation is good and Nomura will have management challenges working with offshore IT service providers.
Lehman Brothers, which employs 5000 UK employees including significant numbers of IT staff, filed for bankruptcy earlier last month. Administrator PriceWaterhouseCoopers negotiated the sale of the investment banking and equities businesses of Lehman Brothers to Nomura.
Speaking at the time a Nomura spokeswoman said the IT systems of the two banks would eventually be integrated, although it was too early to say when.