A Slide From Grace For Max Chapman?

For months, Max C. Chapman Jr. had been angling for a promotion from Nomura Securities Co. The chief executive of Nomura Securities International Inc., the Japanese brokerage giant's U.S. subsidiary, lobbied relentlessly to run the London office while keeping his New York job. "At some point, Nomura will say to me, 'We would like you to do something more,' or else I'll decide to do something else," Chapman told BUSINESS WEEK last December.

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