Ex-Lehman executive Jasjit Bhattal quits Nomura Holdings

Jasjit Bhattal, the highest-ranking ex-Lehman executive at Nomura Holdings, has resigned from the company.


Bhattal, the most senior foreign executive at the Japanese investment bank, worked as President and CEO of the wholesale division and deputy president of Nomura Holdings.

Nomura Holdings in a statement said that Bhattal's responsibilities will be assumed on an interim basis by Nomura Group COO and Chairman for Wholesale, Takumi Shibata, who will also determine the strategy to appoint his permanent successor.

Nomura, in common with investment banks around the world, has struggled with the global economic slowdown and the resultant volatility in stock and bond prices and poor merger prospects.

The firm posted a net loss of $590 million in the July-September 2011 quarter and said it would make $1.2 billion in cuts, through reduced staffing and smaller bonuses.

Commenting on the exit of the top executive, Shibata said "Jesse has had a distinguished career, spanning nearly three decades in the industry. We would like to thank him for his contribution in leading the wholesale business through exceptionally difficult markets, growing market share across all key product lines and helping to transform the franchise."

He leaves Nomura well-positioned in terms of depth of management talent and client relationships to establish us as Asia's number one global investment bank, Shibata said, adding, "we wish him well in his future endeavours."

Following 2008 global meltdown, the US-based investment banker Lehman Brothers' Asia Pacific business was acquired by Nomura of Japan.

India-born Bhattal, 55, was the former Asia Pacific CEO for Lehman and helped negotiate the sale to Nomura.