The new head of European equities at the combined operations of Nomura and Lehman Brothers has wasted no time in naming his chief lieutenants and reorganising the business.

Rachid Bouzouba, the former Lehman banker who was this morning named to run Nomura's equities operations in Europe, the Middle East and Africa from November 1, has picked several former colleagues from the US bank to run the different parts of the new-look equities business in Europe, which will be restructured into three new units covering liquid markets, structured products and prime services.