
Japan's largest brokerage, Nomura Holdings Inc., is feeling growing pains as the costs associated with its acquisition of Lehman Brothers Holdings Inc.'s assets and a slumping global economy force it to downsize. Nomura said it would
cut about 1,000 employees in London after a review of equities and investment banking operations. Nomura also announced a new management structure for its global wholesale business, effectively marking the end of the transition process for it's acquisition of most parts of Lehman's Asia-Pacific franchise, including Hong Kong, Singapore, Australia, India, Thailand and Japan.
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The committee reporting to the executive management board chaired by Kenichi Watanabe (pictured above) includes:
Lehman and Nomura tie the knot |
|
| Executive |
Title |
|
| Takumi Shibata |
Chairman/deputy president and CEO of Nomura Holdings |
| Akira Maruyama |
Global markets CEO |
| Hiromi Yamaji |
Global investment banking CEO |
| Shoichi Nagamatsu |
Global merchant banking CEO |
| Atsushi Yoshikawa |
Asset management CEO |
| Masafumi Nakada |
Chief financial officer |
| David Benson |
Chief risk officer |
| Hiroshi Tanaka |
Chief information officer |
| Noriaki Nagai |
Head of corporate |
| Yugo Ishida |
Chairman of holding companies in Europe, Asia (ex-Japan) and the Americas |
| Sadeq Sayeed |
Chairman/regional CEO of the Europe exec mgmt committee |
| Jasjit Bhattal |
Chairman of Asia |
| Shigesuke Kashiwagi |
Chairman/regional CEO, Americas exec mgmt committee |
|
| Source: The Deal |
Kenji Kimura serves as chief operating officer of the Europe executive management committee. For the Asia committee, chairman and CEO Yoshihiro Fukuta, Minoru Shinohara, COO, and Yoshinori Go, wealth management, served.
Also, Nomura made Bhattal a senior managing director at Nomura Securities. Tarun Jotwani becomes head of global fixed income and a senior managing director of Nomura Securities, based in Tokyo. Zenji Nakamura was named co-head of global fixed income and a senior managing director of Nomura Securities, based in London and responsible for fixed income in Europe and the Americas. Hiroyuki Suzuki will move to Tokyo to become a senior managing director, investment banking, at Nomura Securities.
David Bizer, who was head of fixed income sales for EMEA at Lehman Brothers, was recently named head of global markets sales for Nomura. He works from London. Georges Assi and Kieran Higgins were appointed heads of fixed income for EMEA.
And as for those 1,000 cuts in London, the Financial Times cited a Nomura spokesman saying Lehman employees will account for about two-thirds of the reductions, which will be near completion by the end of March. In October, Nomura said it posted its third consecutive quarterly loss ($754 million). - Baz Hiralal
See related story about layoffs from the Financial Times
Baz Hiralal writes The Daily Deal's Movers & shakers column.