Nomura Holdings Inc. appointed investment banking co-head William Vereker as vice chairman of the business, leaving Kentaro Okuda to lead the unit as Japan’s biggest brokerage deepens cost cuts.
James DeNaut and Charles Pitts-Tucker were named joint international heads of investment banking, reporting to Okuda, according to an internal memo. Jonathan Hodgkinson, a Nomura spokesman in New York, confirmed the contents of the document.
Nomura said last week it will cut another $1 billion of costs by March 2014 after implementing a $1.2 billion program last year to reduce expenses that swelled following its purchase of Lehman Brothers Holdings Inc. businesses in 2008. The latest retrenchment will center on wholesale operations, including investment banking and equities.
As vice chairman, London-based Vereker, 45, will be able to focus more on clients and ensure deals are executed quickly, according to the memo sent by Chief Operating Officer Atsushi Yoshikawa. Okuda, 48, is based in Tokyo.
Chief Executive Officer Koji Nagai, 53, who took the helm on Aug. 1, is retreating from a global expansion after Nomura posted pretax losses abroad for nine straight quarters. He is scheduled to brief investors on the reductions on Sept. 6.
The bank will cut jobs, mainly overseas including Europe, while strengthening areas including mergers and acquisitions advisory, a person with knowledge of the matter said last week.
Operations in Europe have taken the brunt of efforts to trim costs over the past year, with the region accounting for 450 of the 560 jobs cut worldwide as the sovereign debt crisis roiled markets and slowed economic growth. Most of Nomura’s European employees work in its wholesale unit, which includes investment banking and trading operations (8604) in London.
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