1. What obvious cultural differences between Nomura and Lehman do you see in this situation?
2. What global attitude do you think characterizes Nomura? Be specific in your description. Do you see any evidence of that changing?
3. Do some cultural research on Japan and the United States. Compare those cultural characteristics. What similarities and differences exist? How might these cultural differences be affecting the situation at Nomura?
4. What could Nomura managers do to support, promote, and encourage cultural awareness among employees? Explain.
5. What do you think the statement, “When your business is global, management needs to be global,” is saying? In your opinion, is Nomura doing this? Explain.

It’s not always easy to do business globally, as executives at Japanese brokerage firm Nomura Holdings Inc. are discovering. Nomura acquired Lehman’s international operations in late 2008 after Lehman’s parent company sought Chapter 11 bankruptcy protection, an action that added about 8,000 non-Japanese workers. For Nomura, the time seemed right to strengthen its global expansion strategy. However, since the acquisition, cultural and business differences between the two organizations have been a major stumbling block. Although blending two diverse cultures requires intentional efforts when different organizations merge or are acquired, it’s particularly challenging when the key assets in the cross-border acquisition are the people employed by the organization being acquired.