Nomura's Vereker quits top role, seen leaving

Mon Sep 3, 2012 5:16pm EDT
 
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By Douwe Miedema

LONDON (Reuters) - Prominent dealmaker William Vereker is stepping down as joint head of investment banking at Nomura (8604.T: Quote), and has been given a new title, a move colleagues said would lead to his imminent departure.

His departure would be seen as further blow to the Japanese bank as it makes heavy cuts in its overseas operations.

Vereker, who has been advising Xstrata XTA.L on its merger with Glencore (GLEN.L: Quote) - a top live deal in Europe - is one of the few senior ex-Lehman bankers still at Nomura after it bought the collapsed U.S. firm's European operations in 2008.

Vereker's new title would be vice-chairman of investment banking, an internal memo obtained by Reuters showed. A Nomura spokesman confirmed the contents of the memo and said Vereker would focus on a pipeline of existing deals.

Vereker declined comment.

In investment banking jargon, being a chairman often means having to groom clients without direct managerial responsibilities.

But colleagues who work with Vereker said that the 45-year old would in all likelihood leave the bank soon, now that he was no longer in charge of the investment banking operations, even if he would see existing deals to an end.

"I'd be amazed if he stayed. Why would he?," said one of his colleagues who requested anonymity.   Continued...

 
A woman under an umbrella is reflected on a sign board outside a Nomura Securities branch in Tokyo August 3, 2012. REUTERS/Yuriko Nakao