HONG KONGâ€"Nomura has launched a shakeup at its investment banking unit after last week announcing a $1 billion cost-cutting program.
William Vereker, a former Lehman Brothers banker, is stepping aside as joint head of investment banking, leaving Kentaro Okuda as the sole chief of the unit, the Nomura president and group chief operating officer Atsushi Yoshikawa said in an internal memo dated Monday that was seen by Dealbook.
James DeNaut and Charles Pitts-Tucker, the respective heads of investment banking for the Americas, and for Europe, Middle East and Africa, have been appointed as the co-heads of the international side of the business and will report to Mr. Okuda.
Mr. Vereker, who is based in London, will stay on as the vice chairman of investment banking but will no longer be charged with running the unit.
‘‘As we continue to navigate through challenging markets, focusing on the needs of clients and ensuring deals are executed quickly and smoothly is of paramount importance,'' Mr. Yoshikawa said. ‘‘William's new role will enable him to focus more on these matters on a full-time basis, greatly benefiting our clients and global franchise.''
