Tarun Jotwani, who was named head of global markets at Nomura in March last year in changes instigated by ex-wholesale banking division chief Jesse Bhattal, has today followed his former boss out of the door.
A spokeswoman for the Japanese bank confirmed Jotwani had been made redundant. She added that the bank was restructuring its global markets division, with equities and fixed income to be managed as to seperate businesses in future, undoing changes made less than a year ago.
Jotwani did not reply to an email sent to his Nomura account in time for publication.
Jotwani, who previously led Lehman Brothers' operations in India, became global head of fixed income at Nomura shortly after the Japanese bank acquired certain operations from its US rival. In March last year, he was promoted to head of global markets, with his role expanded to include oversight of the equities business, in changes instigated by Bhattal.
A month later, he also handed over his duties as chief executive of Nomura's business in Europe, the Middle East and Africa to John Phizackerley.
Under the new regime, Benoit Savoret will continue as global head of equities, having joined at the time of Jotwani's ascendancy to the global markets role. Nomura is understood to be searching for a replacement as global head of fixed income.
His departure closely follows that of Jesse Bhattal, the former Lehman Brothers banker who was instrumental in the takeover by Nomura and who later rose to become the Japanese bank's most senior foreign executive. It was announced this morning that Bhattal would retire with immediate ffect.
At the time of his promotion, Jotwani was handed a brief to target growth for the global markets business. However, the prolonged downturn in the investment banking industry has prompted Nomura to switch its focus to cost cuts.
Last summer, the group announced $400m in cuts, before upping that target to $1.2bn just two months ago, when it made a ¥73.1bn pre-tax loss in its wholesale business in its fiscal second quarter to September 30.
Nomura is set to report its third-quarter results next month.
Matt Turner is a reporter for Financial News, where this story originally appeared. Write to him here.
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