Former Lehman Asia vice-chair leaves Nomura: sources | business | Hindustan Times
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Former Lehman Asia vice-chair leaves Nomura: sources

business Updated: Mar 24, 2009 13:05 IST

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Former Lehman Brothers vice chairman Kunho Cho has left Nomura Holdings, sources said on Tuesday, 20 years after he joined the New York bank that was rescued by the Japanese brokerage late last year.

Cho is leaving to pursue other interests, one of the sources said. The sources were not authorised to speak on the record about his departure.

Nomura declined to comment. Cho could not be reached.

Cho began his career with Lehman in 1989 and later became the head of investment banking for Lehman's Asia operation, excluding Japan. He was named Lehman's first ever Asia-based vice chairman in April 2007.

As vice chairman, Cho's main responsibilities were maintaining and initiating relationships with key corporate clients across the region.

Cho's departure comes as Nomura grapples with integrating Lehman, expanding its business, and dealing with a brutal economic environment across the globe. Other veteran Lehman bankers have left Nomura recently.

Nomura's head of Asia-Pacific debt syndicate, Fredric Teng, resigned from the firm for personal reasons earlier this month. Teng spent spent 14 years at Lehman before the Nomura acquisition.

Last September, Nomura bought the Asian, European and Middle Eastern assets of Lehman Brothers, shortly after the New York brokerage collapsed.

At the time of the deal, Nomura had a total of 18,971 employees, with 1,180 people in Asia, excluding Japan. Nomura took on about 1,500 employees from Lehman's operations in the Asia-Pacific region when it struck the deal. A total of 8,000 Lehman employees joined Nomura globally. Nomura used the Lehman acquisition to strengthen its banking presence beyond Japan.

The Japanese brokerage last month said it would issue up to $3.3 billion in new stock to replenish its capital base after posting a record quarterly loss of 342.9 billion yen ($3.47 billion) in January.