Mizuho Securities is hiring. CEO Keisuke Yokoo told Bloomberg on Tuesday that the new securities firm, created this month with the merger of Mizuho Securities and Shinko Securities, plans to take advantage of falling pay demands among jobless bankers and hire about 150 investment bankers in London.

A source close to Mizuho, who chose to remain anonymous, told eFinancialCareers that the firm is also looking to increase its Hong Kong headcount. In an earlier press conference on May 7th, Yokoo told reporters that the new company was aiming to establish offices in Seoul, Ho Chi Minh City, Taipei and Kuala Lumpur.

The moves are a rare bit of good recruitment news, but don’t expect anything to happen too soon: Japanese banks aren’t known for being quick to act.

“Although some highly-prioritized positions move quickly, the general recruitment process is slow at Japanese banks. Four to six months is a standard recruitment period,” says Mika Nomura, head of training and development for Japan at Hays Specialist Recruitment.

When Mizuho does start to recruit, Nomura says the firm won’t just be looking for Japanese hires. “They are trying to expand globally and as a result will probably be looking to hire non-Japanese in front-office roles both in Japan and overseas when the economy begins to recover,” adds Nomura.

And she adds that although exceptions might be made, bilingual talent will be at the top of the list. “Ideally they will be bilingual, but it depends on the value they bring to Mizuho.”

Mizuho Securities didn’t respond to requests to comment for this story.