Nomura’s Cottle Said to Step Down as Europe Markets Head

Nomura Holdings Inc.’s Gary Cottle will step down as global markets head for Europe, the Middle East and Africa, said a person familiar with the situation.

Nomura will name a replacement as early as this week, said the person, who asked not to be identified before an announcement. Cottle remains an employee of Nomura, according to the person, who didn’t give a reason for the move.

Japan’s largest brokerage is seeking to end four years of losses abroad as it rebuilds businesses outside of Japan after cutting costs. The firm will probably achieve a goal of 50 billion yen ($417 million) in annual pretax profit from overseas by March 2016, Chief Financial Officer Shigesuke Kashiwagi said in October.

Kenji Yamashita, a Tokyo-based spokesman for Nomura, declined to comment. A call to Cottle’s office phone in London wasn’t answered outside of business hours.

Nomura hired Cottle, formerly of Royal Bank of Scotland Group Plc, in 2012. He was reappointed as the head of global markets for Europe, the Middle East and Africa as part of a senior management lineup announced in March.

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