Tide of executive defections continues apace at Nomura

JAPANESE bank Nomura has lost another of its top executives to a major rival, continuing the steady trickle of talent out of the bank in the wake of its acquisition of Lehman Brothers’ Asian and European businesses.

Colin Banfield, Nomura’s co-head of investment banking for the Asia Pacific region, is thought to have agreed last week to move over to Citigroup to head up its mergers and acquisitions division in the region.

His defection comes just weeks after the departures of Nomura’s co-head of fixed income Thomas Siegmund, Asian head of equities Siggi Thorkelsson, vice-chairman of China investment banking Jane Wang and Asia Pacific head of equity capital markets Geoffrey Feldkamp – all alumni of Lehman Brothers.

The wave of resignations come shortly after Nomura paid out guaranteed bonuses to former Lehman staff, guaranteed as a way of retaining the employees in the aftermath of the acquisition in autumn 2008.

Fears had grown at the bank that payment of the substantial two-year bonuses would leave rivals free to poach top staff by offering sweetened pay deals.