SMBC Nikko hires former Nomura and Citi top executives in rebuild
SMBC Nikko Securities hired a pair of top executives from rival firms, as the brokerage rebuilds its talent bench following a market manipulation scandal.
The unit of Sumitomo Mitsui Financial Group hired former Nomura Holdings senior executive Susumu Usui as co-head of equity and ex-Citigroup's Keita Matsumoto as head of financial markets, according to a statement by the firm. Their appointments are effective June 1, the firm said.
SMBC Nikko is seeking to strengthen its business following the rigging scandal more than two years ago, which led to the loss of several equity executives. It suffered a setback recently, posting a net loss for the quarter ended March 31.
Usui left Nomura after spending more than a quarter-century at Japan's biggest brokerage. He was most recently based in Hong Kong co-leading global execution services as a member of the firm's senior management lineup announced last year. Usui's previous roles included overseeing trading services in Japan, according to his LinkedIn profile.
Matsumoto was head of institutional sales at Citigroup's Tokyo investment banking subsidiary and left earlier this year. At SMBC Nikko, he will replace Nobuaki Nakamura as head of financial markets.
With the new appointments at SMBC Nikko, Kazuhiko Sawanobori becomes advisor from his current role as co-head of equity. Nakamura retains his role as co-head of the global markets unit, the firm said.
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