Nomura has been hit by the departure of three analysts, two of whom worked in its highly-rated team covering the food retail sector, representing a blow to the bank that was only in February named one of the top research providers for institutional clients.

Top retail analyst Matthew Truman has left the Japanese investment bank to join JP Morgan as an executive director and head of its European food retail team. He will report to Jose Linares, head of Europe and Asia Pacific equity and equity derivatives research.