Nomura quitting prime brokerage? 17 March 2011London Reporter: Ben Wilkie
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Nomura is scaling back its London prime brokerage team, with some insiders suggesting the bank will be withdrawing from the international market altogether.
Nomura, which cut back its commodities desks earlier in March, said its changes are relatively small, with redundancies in single digits.
At the end of 2010, Nomura's global head of prime services Tim Wannenmacher resigned from the bank. It has just been announced that Matthew Pinnock, co-head of prime services EMEA and global head of prime sales and capital introductions has also moved on.
It has long been expected that Nomura would scale down its operations following its acquisition of parts of Lehman Brothers, and the current unfolding tragedy in Japan may also lead some global Japanese firms to rethink their international aspirations.
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