The most senior foreign executive at Japanese bank Nomura has resigned, the company confirmed Wednesday, as the firm struggles to compete on the world stage.
Jasjit Bhattal, the head of Nomura's wholesale division, handed in his notice after being unable to galvanise support for a more radical shake-up of the bank's global operations, the Wall Street Journal had reported.
Nomura, in common with investment banks around the world, has struggled with yo-yoing stock and bond prices, poor merger prospects and tightening regulation in the wake of the global financial crisis.
The firm posted a net loss of 46.1 billion yen ($590 million) in the July-September 2011 quarter and said it would make $1.2 billion in cuts, through reduced staffing and smaller bonuses. (AFP)
↧