JAPAN’S Nomura Holdings yesterday named Jeremy Bennett, a British government adviser on banking reform, as the new boss of its European operations yesterday.
Bennett, who has been assisting the coalition to implement the Vickers reforms to separate retail operations from investment banking arms, will become chief executive of Nomura in Europe, the Middle East and Africa (EMEA) once he gets approval from regulators, the Japanese bank said.
Nomura is having a tough time in Europe and is trying to cut costs across the world.
Bennett replaces John Phizackerley, who sources said left the firm last month. Yasuo Kashiwagi will be interim EMEA chief executive until Bennett is approved.
Bennett is already a non-executive director of Nomura Capital Markets and has been an adviser to the Financial Services Authority and the Treasury, and worked for Credit Suisse between 1997 and 2008.
“Jeremy is a seasoned operator in the financial services industry and brings a wealth of expertise to the position,” said Nomura’s chief operating officer Atsushi Yoshikawa in a statement yesterday.