How it's reshaping the bond markets
Information trumps execution
Tuesday, January 10, 2012
by Euromoney Skew
Mr. Bhattal's responsibilities will be assumed on an
interim basis by Nomura Group COO and chairman for
wholesale, Takumi Shibata, who will also determine the
strategy to appoint his permanent successor.
Mr. Shibata commented: "Jesse has had a distinguished
career, spanning nearly three decades in the industry.
We would like to thank him for his contribution in
leading the wholesale business through exceptionally
difficult markets, growing market share across all key
product lines and helping to transform the franchise.
He leaves Nomura well-positioned in terms of depth of
management talent and client relationships to establish
us as Asia's number-one global investment bank. We wish
him well in his future endeavours."
Since 2008, I have criticised Nomura for its
bloated cost base arising from the acquisition
of the Lehman Brothers Asian and European
Money has been poured down a bottomless pit and
vainglorious strategies for global dominance proffered.
I exaggerate slightly but Nomuras desire to
expand its equities business in the States and compete
in that market strikes me as fool-hardy. If analysts
expect the top investment bank, Goldman Sachs, to make
a third quarter loss, I shudder to think what
Nomuras numbers will look like.
An impeccable source told me:
Nomura has to fire Jesse Bhattal (the
current head of wholesale and deputy president of the
firm who used to be Lehmans chief executive in
Asia) and bring in someone who is unemotional about the
past and prepared to make drastic cuts.
They need to get out of all wholesale businesses that
are not profitable and shrink back to areas that build
on their core expertise as Japans leading
brokerage firm. Source is correct and after
wasting billions of dollars of shareholders
money, Nomura should swallow hard and follow his
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