For months, financial wags have been arguing over whether hard times at investment banks are cyclical downturn or representative of more permanent, secular change. (Jamie Dimon: “We’re telling you it is cyclical. I’m not hedging that, OK. It is cyclical.”)
Now a wry Nomura Holdings shareholder has offered a new spin on the debate. Japanese investors who have held at least 30,000 shares in a company for at least 6 months are allowed to submit proposals for vote at annual shareholder meetings, and this year some anonymous rogue offered Nomura 100 suggestions, including that the investment bank change its name to “Yasai Holdings,” or roughly translated, “Vegetable Bank.”
Nomura’s board opposed the proposal. In other news, Nomura raised executive pay 79 percent last fiscal year, even as net income plunged 60 percent and shares reached their lowest levels in 37 years. Shareholders will vote on all 18 of the oddball proposals on June 27.