FSA prevents banker from joining Nomura, newspaper reports claim

25 May 2010

The Financial Services Authority (FSA) has blocked Nomura from hiring a banker, a newspaper report has claimed.

Nomura was expected to take on John Hyman from Morgan Stanley as the former’s new joint-head of global finance.

However, an unnamed source revealed that the move has been stopped due to an issue which required the involvement of the FSA.

Nomura has confirmed that Mr Hyman will no longer be joining the bank although no further details have been provided.

The FSA has so far failed to confirm or deny that it has intervened in the hire of the trader.

Mr Hyman left Morgan Stanley in December of last year.

The FSA is thought to have recently become more involved in assessing the recruitment processes of banks and firms working within the financial services industry.

In the 12 months to October 2009, figures from the regulator showed that 18 candidates were rejected from taking on positions involving significant influence functions after the body began conducting interviews with candidates.

The regulator stated that the statistics, which were taken from 172 interviews, showed that there was “considerable scope” for firms to be more rigorous with their recruitment processes.

By Jim Ottewill

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