The resignation of two former Lehman Brothers Holdings Inc. executives from Nomura Holdings Inc. may allow the nation's biggest brokerage to revamp a business that has stumbled since it bought assets of the failed U.S. firm in 2008.
Jesse Bhattal, deputy president and chief of wholesale banking, quit Nomura on Tuesday, the Tokyo-based company said. Tarun Jotwani, head of Nomura's global markets unit, also agreed to step down and his division will be split up, according to a source.
They were among 8,000 Lehman employees who joined Nomura after the Japanese company bought the bankrupt Wall Street firm's European and Asian operations. Bhattal, the first foreign member of the bank's 14-member executive management committee, leaves behind a division bearing the brunt of a $1.2 billion cost-reduction plan after overseas operations posted their biggest loss in six quarters.