Weekly Global News Wrap: Nomura eyes $10b US credit portfolio in 10 years; UBS CEO earned $15.9m

And JPMorgan Chase revamps investment banking and capital markets leadership.

From Reuters:
Nomura Holdings is aiming to expand its US credit portfolio to $50b in 10 years, its US asset management chief told Reuters in an interview.

The bank may seek small acquisitions to beef up its private credit business, said Robert Stark, head of Nomura’s US asset management business.

Nomura Capital Management (NCM) currently has $35 billion assets under management, the vast majority of which is a high-yield bond portfolio, according to Stark, who is also the chief executive of the 80-member unit.

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From CNBC:
UBS CEO Sergio Ermotti reportedly earned $15.9m (CHF14.4m) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse.

The bank announced in late March that Ermotti would return for a second spell as CEO, replacing Ralph Hamers from April 5 last year, as UBS undertook the mammoth task of integrating Credit Suisse’s business. Ermotti’s previous tenure ran from 2011 to 2020.

Hamers earned CHF12.6m Swiss francs in 2022 during his last full year as CEO, according to UBS’ annual report published on Thursday.

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From Reuters:
JPMorgan Chase has reorganised leadership in its global banking division, with new leaders appointed for its capital markets and investment banking teams.

The new structure merges the commercial, corporate and investment banking groups under executives Filippo Gori and Doug Petno

Kevin Foley was appointed as the global head of capital markets, overseeing debt and equity capital markets (ECM). 

Dorothee Blessing and Jay Horine will become global co-heads of investment banking coverage.
Anu Aiyengar, who currently runs mergers and acquisitions, will gain expanded responsibilities as head of advisory.