-- Yamaguchi Financial Group Inc., a regional lender headquartered on the western tip of Japan’s biggest island, is considering paying new hires with securities market expertise around the same compensation as staff at the nation’s largest banks.S&P 500 Tops 5,600 Mark in Longest Rally This Year: Markets Wrap
Japan’s local banks are seeking revenue from securities investment as a shrinking and aging population weighs on business opportunities in their regions. But a dearth of expert market players at the banks raises the risk of investment losses. The nation’s banking sector has seen investment fiascoes at a couple of firms this year. Aozora Bank Ltd. booked its first loss in 15 years when it lost money on foreign bonds and soured US office property loans. Norinchukin Bank shocked global markets by saying last month it would sell $63 billion of low-yielding US and European government bonds that had become unprofitable.
Securing human resources is a common challenge for Japanese financial institutions, but it’s especially difficult for regional lenders that need to convince potential hires to move out of big cities. Yamaguchi Financial is based in Shimonoseki, a coastal city about 800 kilometers from Tokyo that’s famed for seafood including poison-containing pufferfish.
“In the future, we would like to bring the ratio of mid-career and new graduate hires to an even level,” Mukunashi said. The bank will give the timing for achieving the goal in its next mid-term plan, starting in April.Costco Hikes Annual Membership Fee for First Time Since 2017
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