Nomura may cut a new path with the departures of former Lehmanites Jesse Bhattal and Tarun Jotwani.
Bhattal, 55, the head of wholesale banking and the firm's highest-ranking foreign executive, is stepping down, Nomura said yesterday. Tarun Jotwani, his deputy and the head of global markets, will also depart.
The Japanese bank is thus scrapping the global markets organizational structure Bhattal had put in place and is reverting to its old system with a global head of fixed income and a global head of equities. Benoit Savoret will continue in his role as head of global equities, while Jotwani's position will be abolished.
Nomura declined to comment.
Under Bhattal, the bank tried to crack the top leagues of global investment banks and expand around the globe, particularly in Europe, after snapping up the dregs of Lehman Brothers' operations there.
Weak market conditions forced the bank into a round of $1.2 billion in cost cuts. Layoffs that began last November are scheduled to continue through March, senior management has said, although the bank hasn't said how many positions are being eliminated.
Nomura isn't completely abandoning its expansion. The bank will continue to invest in the U.S. and move to a larger space in midtown Manhattan in 2013. More office space will allow for more hires, people familiar with the matter said.
Takumi Shibata, the firm's chief operating officer and chairman of the wholesale division, will assume Bhattal's responsibilities until a successor is found.
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Workplace culture isn't always easy to define, but the lack of any in-house programs or codes of conduct can mean trouble. If you're on the hunt for a new job, do some background checking of your own.
1. Does the company have a mission statement?
2. Does the company have programs that prove they value their employees?
3. Does the company have high turnover?
(Source: Glassdoor.com)
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