Nomura has shuffled its research coverage of Japanese financial stocks, the latest firm to do so in the country.
Naruhiko Sakamaki, who used to cover regional lenders, started researching securities firms and insurers on Tuesday, while Naruhito Miki began analyzing non-banks and insurers, Japan’s biggest brokerage told clients in documents seen by Bloomberg. Until recently, those sectors were covered by Wataru Otsuka.
In the meantime, Bloomberg News that former Deutsche Bank executive Michele Foresti, in key court testimony, denied he manipulated the firm’s indexes as part of an allegedly fraudulent scheme to help Banca Monte dei Paschi di Siena SpA conceal losses.
Foresti, who has been charged with colluding with Paschi to falsify accounts and manipulate the market, blamed his former employer for a series of "startling" errors in its assessment of the 2008 transaction, including the allegation of potential rigging.
Foresti, 49, said he was the victim of mistaken identity when a colleague named him as the banker who allegedly leaned on traders to move an index.
Finally, Bloomberg reports that UBS's lead banker on 2009’s China Forestry Holdings Co.’s initial public offering in Hong Kong is appealing a license ban by the city’s financial regulator related to his work on the deal, according to a person familiar with the matter.
Cen Tian, also known as Tim Cen, a Hong Kong-based managing director at the Swiss bank, is appealing an enforcement action brought against him by the Securities and Futures Commission, the website of the Securities and Futures Appeals Tribunal shows.