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Nomura loses wholesale banking chief
Nomura Holdings’ top ex-Lehman executive Jesse Bhattal has stepped down from his position, raising questions of whether the top Japanese brokerage is on the verge of revamping its global strategies. January 16, 2012 | Wong Wei HanFollowing Bhattal’s footsteps is head of the global markets division Tarun Jotwani, also part of the former-Lehman personnels who joined post-acquisition. As the top Lehman clique exits Nomura, they left behind a struggling wholesale banking unit that has suffered a 44% Q-o-Q net revenue decline in the July-September quarter in FY2011 due to a deteriorating global business environment. Going forward, the wholesale unit is expected to go through extensive restructuring, bearing the brunt of Nomura’s $1.2 billion cost-cutting plan announced in November 2011. Bhattal entered Nomura and became its most senior non-Japanese executive when the Japanese brokerage bought over Lehman Brothers’ Asian and European assets in 2008 amidst the financial crisis. The acquisition signified Nomura’s aspirations to gain a greater international reach as it sought to compete with globally established investment banks in key overseas markets, especially North America. However, with market conditions worsening, these assets quickly became liabilities for Nomura, directly resulting in a record annual loss of 709 billion yen ($7.2 billion) in the financial year ended March 2009. In many ways, Bhattal is symbolic of this problematic investment, and his resignation may signal Nomura’s first steps to initiate an overdue revamp of its business structure and global strategies. As such, attention will be on t... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Transaction BankingTransaction Banking, Transaction Banking, Keywords:Nomura, Jasjit Bhattal, Lehman Brothers, 2008 Financial Crisis, Takumi Shibata Nomura, Jasjit Bhattal, Lehman Brothers, 2008 Financial Crisis, Takumi Shibata
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