Report calls UK financial watchdogs cowed and secretive
LONDON Two British watchdogs set up to apply lessons from the financial crisis will sleepwalk into the next banking meltdown if they don't make big changes, a report said on Tuesday.
TOKYO Nomura Holdings Inc (8604.T) replaced its chief financial officer and shrunk its line-up of senior managers as part of the Japanese brokerage's largest annual reshuffle in a decade.
The reshuffle - the biggest since 2003 in terms of the number of employees changing roles - is the first since Koji Nagai took over as CEO promising to rebuild the company from "the ground up" in the wake of an insider trading scandal.
The moves, effective April 1, are broadly aimed at reducing overlap among senior management as well as fostering better collaboration between business divisions, people with knowledge of the matter said.
Among the changes, Nomura said the number of senior managing directors, the firm's top layer of management, was reduced to 71 from 80. Those ranks peaked at 105 after Nomura bought parts of failed Wall Street bank Lehman Brothers in 2008.
Nomura said Shigesuke Kashiwagi, a 31-year company veteran who has recently focused on regulatory affairs, would become chief financial officer, replacing Junko Nakagawa, who will head the group's internal audit operations.
Nagai took over as CEO in August promising reform in the wake of a damaging scandal in which staff were found to have tipped off clients ahead of share offerings the brokerage underwrote. Within weeks, Nagai embarked on a $1 billion (660 million pounds) restructuring mainly targeting the brokerage's overseas operations. He also vowed to bolster cooperation between the retail and wholesale divisions to meet customer needs.
In one example of a staff move aimed at promoting such cross-divisional collaboration, Nomura tapped the lead banker covering the telecommunications, media and technology sectors as the new manager of its Kyoto branch.
Gary Cottle, head of global markets for European, Middle East and Africa, and Charles Pitts-Tucker, joint international head of investment banking, were the two non-Japanese executives promoted to senior managing director.
Nomura shares have almost doubled in value since mid-November, outperforming the Nikkei average .N225, which is up by more than a third.
(Reporting by Nathan Layne and Emi Emoto; Editing by Ian Geoghegan)
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