And it’s worse than that. Nomura correctly realised that its biggest challenge was going to be keeping the new hires: human capital is by far the most important part of the deal, perhaps particularly for a Japanese bank that might have struggled to grow organically in international investment banking. “It is very hard to see the Wall Street culture of Lehman and the Nomura culture hitting it off,” says a headhunter. “They’re just very different types of people.” And Nomura is not blind to this.

So Nomura is believed to have promised one-year bonuses to its new hires – and, to the top ones, two-year bonuses. These bonuses are also believed to have been set at 2007 levels. One can assume, in fact, that former Lehman employees will probably be getting the best bonuses in the world’s investment banking industry in 2009, because it’s certainly clear nobody else will be getting the same bonus next year as last. (It should be remembered, though, that Lehman employees have seen their Lehman stock and options completely wiped out, which is another source of anger in its own right.)

And then, the next problem: overlap. The only high-profile departure since the merger was announced has been Philippe Espinasse, the co-head of Asian equity capital markets at Nomura – so the first example of dealing with an overlap appears to have been to get rid of the Nomura incumbent. (Nomura’s usual corporate communications team could not be reached and one hopes they haven’t gone the same way.) “Across the Street, where banks have an ECM department that might be 25-strong in a year when the markets shut down in July, people are nervous,” says a headhunter. “So when you put two large teams together… the market’s just not there.” People in Nomura recognise that, although there’s plenty to do, the Lehman hires have the potential to be a truly transformational deal for Nomura. But suffice to say that if there was sympathy for the Lehman bankers’ original plight, that’s long since been replaced by envy and bitterness.

Similar grumbles can be heard within Bank of America about the Merrill hires. And at Merrill itself,  the mood in Asia is particularly toxic, with gratitude for the BofA takeover – which may well have saved the bank – already replaced by a sense of powerlessness and resentment. “People are worried,” says one Merrill staffer. “All the talks and discussions going on about the integration are happening in the States. It’s up to the US office to represent us to Bank of America. We don’t know what’s going on. People here feel like they’re in the dark.”

A headhunter adds: “When that deal was done it was a very good time for it, very smart negotiation from [CEO John] Thain. But there seems to be almost no clarity about how it will impact people out here.”

And in particular, one departure has been seen by many internally at Merrill as a very dark omen. In November Damian Chunilal, until recently the head of Pacific Rim investment banking operations, departed, to the great surprise of many Merrill insiders. Then, a week later, Merrill announced his replacement: Jim Forbes.

Jim who? It was little surprise few in Asia had heard of him, since Forbes was previously head of global healthcare investment banking in New York, and has never held a job in Asia. His appointment takes effect when Bank of America’s takeover does, expected to be in January.

While Forbes is a 13-year Merrill veteran and no doubt an accomplished banker, the appointment has fuelled a growing suspicion among some Merrill staff in Asia that people in the States are going to seek to secure jobs in Asia to avoid getting the axe as the merger is bedded in in the States. “The general impression is that some of the bankers in the States and in London will take any opportunity they can get to move to Asia,” says the insider. There is much greater overlap between investment banking jobs in Merrill and Bank of America in the US than in Asia, and Asian economies do at least appear to have a brighter short term future than North American or European ones, even if their stock markets have fallen further.

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