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Investment banking: Banfield exit leaves Nomura vulnerable

Remaining Asia i-bank head lacks experience in region; Citi hopes to make hay in M&A with new hire

The departure of co-head of investment banking, Asia ex-Japan, Colin Banfield from Nomura leaves the firm’s business in the region being run by a man with no track record there. Banfield, who has been hired by Citi to run its M&A business in Asia, held that same role at Lehman Brothers and then Nomura before being promoted along with co-head Patrick Schmitz-Morkramer to run the Japanese firm’s investment banking business in Asia when previous head Glenn Schiffman moved to the US to oversee Nomura’s business there.

Now Banfield’s departure leaves Schmitz-Morkramer in sole charge of Nomura’s Asia-ex Japan investment banking business. Schmitz-Morkramer was, until he took up the role in Asia, Nomura’s co-country head in Germany, as well as being head of investment banking for Germany and Austria. He has a background in both M&A and capital markets transactions in Europe, Nomura says, and worked as co-head of investment banking for Germany, Austria and Switzerland at Lehman Brothers before joining Nomura.

"What would be complementary to the team here is the global connectivity and track record of building a successful investment banking business that I can bring"

Patrick Schmitz-Morkramer, Nomura

He faces the challenge of persuading as many colleagues as possible to remain at Nomura, despite several recent high-profile departures (see People: Nomura heads nowhere fast, Euromoney, April 2010).

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