Nomura's Europe chief resigns after 18 months Jeremy Bennett has resigned as chief executive for Europe at Nomura after only 18 months, in a move described as a "Damascene conversion" by one person close to the situation. The former development economist is leaving to pursue opportunities in the charitable sector and emerging markets, according to a memo sent to staff by the Japanese securities house. However, differences of opinion over strategy were at the root of the departure, according to other people close to the matter. The departure of Mr Bennett follows exits by a number of senior staff in recent years. These included Mr Bennett's predecessor John Phizackerley, who stepped down abruptly in March 2013 after two years in the job. Mr Phizackerley was one of a cadre of executives who joined Nomura when the Japanese group bought the European operations of Lehman Brothers in the wake of the financial crisis. Mr Bennett had previously worked for Credit Suisse. But he balanced his City of London career with involvement with the development organisations on which he now plans to concentrate. Nomura cut back its international investment banking arm during the Japanese economy's extended "lost decade," a retrenchment that caused some potential clients to question the bank's commitment to overseas markets. Mr Bennett "leaves a well-run, much better-rated and well-controlled operation" according to Nomura's memo to staff. A person close to the bank, whose European operations are focused on London, said staff turnover was in line with industry averages. Yasuo Kashiwagi has stepped up from the subsidiary role of co-chief executive to be acting chief executive. He is expected to relinquish the role when a full-time replacement for Mr Bennett has been found. Mr Bennett was unavailable for comment.