Working at Nomura

Analyst Toni Osibodu reports on daily life at the investment bank

Day One

07:00 Alarm goes off.

08:00 Leave home to arrive on time for IBD Monday market meeting at 8.30am, where I'm given a report on the sovereign debt crisis and the impact on the economy, and an update from the acquisition and leveraged finance team.

09:00 Back at desk. Prepare to send out weekly update to a client as part of ongoing client relationship, which includes sector update, share price movements and equity research.

10:00 Internal meeting to go through the draft book for tomorrow's client meeting. A book is what we call a memorandum about a deal we're working on, which normally includes an executive summary, an industry overview, information for potential investors and a financial model.

11:00 Make changes to the book following comments on the draft.

13:00 Redistribute book to team and await final comments.

14:00 Lunch.

15:00 Receive emails from other members of team with final thoughts on book.

16:00 Begin to put the final changes through.

17:00 Call on information services and a relevant sector team here at Nomura to dig out some additional information to fill in some industry-specific holes in the book.

18:00 Awaiting replies from colleagues. On his way out, my managing director invites me to a client meeting.

19:00 Chase up colleagues for comments on book for tomorrow's client meeting.

20:00 Implement final changes, print out book and check carefully for any typos.

21:00 Associate checks the book through, then gives the all clear for printing. Send book to print! Order dinner and eat.

22:00 While waiting for the copies to print, take the time to do some background reading on the client who will be attending the meeting tomorrow, and ensure I'm prepared with relevant materials.

23:00 Copies printed. Check though each one to make sure it is printed correctly. Book car and go home.

Day Two

07:00 Alarm goes off.

08:00 Head to client meeting at a leisure facility, as the client is a leisure company.

09:00 Arrive at location early enough to get some breakfast.

10:00 After introductions and coffee, the meeting begins. They talk us through their strategy, growth, and opportunities in the future. There were four of us there - two managing directors, one vice president and me.

11:00 Furiously making notes.

12:00 Meeting winds up and team heads back to the office.

13:00 Write up key figures from meeting for discussion at 13:30 to decide next steps.

14:00 Once back at desk, realise an important press announcement from a key client has been released. Send it though to relationship bankers, who work most directly with the client, for information and include a note on share price reaction.

15:00 Late lunch.

16:00 Write up detailed meeting notes from this morning's meeting.

17:00 Use the down time to do some administration and housekeeping, which is mainly sorting out my expenses receipts and checking emails that I haven't had time to reply to during the day.

18:00 Send an end of day report to the client who made the announcement with closing share prices following market reactions, and broker comments on the situation.

19:00 Staffed on new project for a private equity firm who want to sell a healthcare company. Will be briefed in detail tomorrow morning. Do some high level research on the companies involved in preparation for the briefing.

20:00 Head home.

Terminology

  • Bull market: A market in which demand and prices are increasing, either in general, or in a particular sector. The opposite is a bear market, where they are moving downwards.
  • Capital markets: The markets where businesses or governments can raise funds through debt finance (issuing bonds) or equity finance (issuing shares).
  • Investment grade: Products or entities rated as investment grade are those with credit ratings of BBB or above, that is, they are deemed by credit rating agencies to be safe for banks to invest in.
  • Leverage: Any technique used to magnify gains. In a specifically financial context, it often means borrowing money to multiply the profits which can be made on an investment, such as on an LBO, or leveraged buy-out. In broader business discourse, it is used to mean exploiting existing strengths to create new opportunities, for example, cross-selling.

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