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Nomura unveils new head of global FX

Nomura has promoted a former Deutsche Bank and Lehman Brothers veteran to lead its currencies business.

Jai Rajpal has been appointed as senior managing director and global head of FX at the Japanese bank, replacing Richard Gladwin, who left Nomura in August 2011. Based in London, Rajpal will report to Steve Ashley, who has been overseeing Nomura’s FX operation in his role as senior managing director and global head of fixed income.

Rajpal joined Nomura from Lehman Brothers in 2008 as joint head of fixed income, Asia ex-Japan and rose to become sole head of fixed income, Asia ex-Japan at the Japanese bank in 2010.

Before his time at Lehman Brothers, Rajpal spent 13 years working in FX at Deutsche Bank.

Ashley says Rajpal’s tenure at Nomura has included the establishment of a “robust and profitable fixed-income platform” for Asian products.

Rajpal will now “bring his expertise as a business builder” to the launch of Nomura’s next phase of growth for the bank’s FX business, adds Ashley.

“We have made tremendous progress in building our global FX business over the past few years,” says Ashley. “With Jai’s extensive experience across all major FX markets, both in his recent role and in his past career, we look forward to strengthening our competitive position.”

Rajpal’s move is the latest in a series of restructurings at Nomura since Ashley took over as head of the bank’s fixed-income, currency and commodity trading operations in March.

Earlier this month, the Japanese bank hired Gary Cottle as managing director and head of fixed income for Europe, the Middle East and Africa.

In this year’s Euromoney FX survey, Nomura remained in 14th position, with a market share of 1.34%.

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