Lehman Brothers' former India chief Tarun Jotwani has been appointed the global head of fixed income and senior managing director by Nomura Securities. Jotwani will be based out of Japan. Nomura Securities acquired the investment banking and back office of Lehman Brothers in
India after the latter announced its bankruptcy in September this year.
The Japanese brokerage has also appointed Jasjit Bhattal, who was head of Lehman's Asia-Pacific operations, as the senior managing director and chairman of Asia.
In September this year, Nomura agreed to buy the entire Asian operations of failed US investment firm for $225 million. Globally, investment banking has suffered a huge amount of backlash which has led to a host of firms laying off people in their investment banking and securities division. Not having a luxury of securing a job in the current recessionary environment, of about 3,000 staff of Lehman in Asia, around 2,600 have decided to stay with Nomura.
See the new management structure of Nomura's global wholesale business here.