Nomura Americas Chief Schiffman to Leave, Replaced by Denaut
Nomura Holdings Inc. (8604) said the head of investment banking in the Americas, Glenn Schiffman, plans to leave the firm and James DeNaut will replace him, effective immediately.
Schiffman, 41, led the Americas business for the past year and joined the Tokyo-based company through its acquisition of parts of Lehman Brothers Holdings Inc., Nomura said in a memo yesterday. DeNaut joined from Deutsche Bank AG (DBK) last year and has spent most of his career advising oil and gas companies.
DeNaut “brings to the role an exceptional track record of building successful businesses,” Nomura said in the memo.
Schiffman worked at Lehman for 17 years and ran Asia- Pacific investment banking when the firm went bankrupt in September 2008. Nomura acquired Lehman’s Asian and European investment-banking businesses, and Schiffman returned to the U.S. to help build an Americas banking operation last year.
Nomura Chief Executive Officer Kenichi Watanabe said last year that he aims to make the brokerage a global financial firm. Nomura is investing 250 billion yen ($3 billion) to expand in the U.S. and plans to offer research on 600 companies.
Peter Truell, a Nomura spokesman, declined to comment.
Nomura said in February net income rose 31 percent to 13.4 billion yen in the three months ended Dec. 31. In Europe, the firm posted a 3.4 billion yen loss before taxes and in Asia it lost 2.4 billion yen. In the U.S., the bank recorded profit of 2.7 billion yen, down from 6.3 billion yen a year earlier.
DeNaut’s replacement of Schiffman follows other key personnel shifts announced by Nomura this month.
Joint head of global equities Rachid Bouzouba will step down to be replaced by Benoit Savoret. European Chief Executive Officer Tarun Jotwani was named global markets head, overseeing the bank’s equities and fixed income units.
Jesse Bhattal will become chief executive officer of Nomura’s wholesale businesses, which include investment banking and global markets, the company said this month. Hong Kong-based Bhattal, who is currently the division’s chief operating officer, will also become deputy president of the holding company.
To contact the reporter on this story: Zachary R. Mider in New York at email@example.com