Nomura ‘Lost Control’ in Firing Salesman Over $40 Million Loss
- Bond salesman’s firing ruled unfair, but compensation limited
- Nomura disciplinary process had ‘multiple defects’: judge
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Giovanni Lombardo, a bond salesman for Nomura Holdings Inc. in London, was starting to worry about Alberto Statti.
Statti, a trader with a taste for red wine and three-piece suits, had come from obscurity offering to buy hundreds of millions of dollars of bonds from Nomura. Yet his brokerage, Invexstar Capital Management Ltd., failed to come up with the cash for trades in May 2015, and the bank was now staring at its biggest-ever individual trading loss. Lombardo couldn’t get him on the phone.