Take a walk around Nomura’s giant trading floor on the third level of its London office off Upper Thames Street and it soon becomes clear that its make-up is a microcosm of the changing nature of the bank’s markets business.

When Nomura acquired Lehman Brothers' European operations in 2008, the floor was fit for the equities business - considered Lehman's crown jewel - it had acquired. Fixed income was stationed on a much smaller trading floor, one level below.