HONG KONG/TOKYO -- Anyone who was working on Wall Street 30 years ago likely remembers "The House of Nomura." Written by Albert J. Alletzhauser in 1990, the book conveyed just how extraordinarily dominant Nomura Securities was in bubble-era Japan.
The source of that strength was an overwhelming sales force in both the retail and wholesale markets. When the bubble burst in the early 1990s, however, that strength became a target of criticism in Japan. The company was accused of employing overly aggressive sales tactics -- some transactions were later deemed illegal -- and as a result, most post-bubble Nomura chiefs were conservative leaders with little background in sales.
