Nomura Europe chief, Sadeq Sayeed, to step down as management restructures following Lehman acquisitions

Sadeq Sayeed, who is also chief executive of the Middle East and African operations, said:

"Today, as I look back to the last quarter of 2008 when we embarked on this adventure together, I remain hugely proud of what we have achieved."

"We have surprised our competitors and have far exceeded our internal targets." he added.

Mr Sayeed was key in pushing the normally cautious Nomura board to buy the Lehman Brothers' European business - beating a rival offer from Barclays.

Nomura, who will now search for his successor, said of Sadeq:

"As Chief Executive in EMEA, Sadeq successfully integrated the two organisations to create a powerful platform in the region."

""We are very grateful for all that Sadeq has achieved in the last 10 years, and especially in the past 18 months."

With over 4,700 employees, Nomura has gained a greater market share of equities but is now losing a lot of staff despite paying their bonuses for the last two years.

Revenues remain sluggish and dispute over how to continue is leading the board to reconsider its approach on international expansion, sources said.