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July 31, 2026
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For NYC:
Jefferies > Nomura >>> Bank of Tokyo Mitsubishi
Not sure if I would put Nomura above BTM, due to the fact that Nomura is scaling back U.S. operations.
I know the candidates that Nomura interviewed vs BTM's interviewees are materially stronger, atleast at my target. That together with the fact that BTM's recruiting timeline is after all the major BB's/MM's also doesn't bode well (almost a month later at my school). Fighting for the leftover scraps.
US is one of the regions they're making a profit, and have repeatedly said that they intend to continue their growth in the US.
Nomura -> Jefferies -> BTM
BTMU is almost entirely corporate banking for Japanese companies (or used to be, anyway). They're also big in Project Finance and have been top of the league tables in that space for the past few years, but that's still pretty niche. They didn't (and still don't) recruit at my target, but if it's for IBD I'd stay away.
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