A question mark hangs over Nomura’s US business, where it is currently an also-ran, but William Vereker, the new co-head of global investment banking, has a plan he believes will deliver.

Vereker said: "The world is littered with examples of banks that have tried to conquer the US, but our focus will be incremental. We will aim to provide clients with a world-class service, specifically across key sector lines, such as natural resources, consumer and telecoms."