Nomura’s City credibility takes a knock as Vereker moves aside

 
David Hellier
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WILLIAM Vereker, one of the City’s best known dealmakers, is stepping down as joint head of investment banking at the Japanese bank Nomura, it emerged yesterday.

Vereker, who is one of the advisers to Xstrata on its proposed but faltering mega merger with Glencore, will become vice-chairman and focus on client relationships, an internal memo said yesterday.

Vereker made his name in the City as a banker specialising in the utilities sector while at Morgan Stanley. He then went to Lehman, many of whose European businesses ended up with Nomura.

Kentaro Okuda is assuming sole leadership of global investment banking, the memo said.

James DeNaut and Charles Pitts-Tucker have been appointed joint international heads of investment banking, both reporting to Okuda, is added.

Xstrata aside, Nomura has been struggling to make an impression in the advisory side of the European investment banking.

One colleague on the Xstrata deal said yesterday: “William’s got a great personal brand.”