(Bloomberg) -- Nomura Holdings Inc. has hired Tom Scholar to chair its European operations, giving the former civil servant his first public role since he was sacked last year by then-Chancellor Kwasi Kwarteng.
Scholar will join the Japanese bank on Friday, according to a press release. He will succeed David Godfrey as non-executive chair of Nomura Europe Holdings Plc, Nomura International Plc and Nomura Bank International Plc in April.
“We will no doubt benefit from his extensive knowledge and understanding of the financial sector,” Nomura Chief Executive Officer Kentaro Okuda said.
Scholar is the latest political figure to arrive in the City of London, which has long prized ties with Westminster. Former Chancellor of the Exchequer George Osborne is a partner at takeover advisory boutique Robey Warshaw, while Mark Sedwill, the former head of Britain’s civil service, is a senior adviser to Rothschild & Co.
Scholar — who served for six years as permanent secretary at Britain’s finance department — was fired in September 2022 by then-Prime Minister Liz Truss and Kwarteng, as they sought to sweep away what they called Treasury “orthodoxy” and shake up economic thinking in government.
Ultimately Scholar’s sacking backfired on Truss and Kwarteng. The loss of institutional knowledge helped undermine faith in their economic policies, and their short-lived leadership was fatally wounded later in September when they unveiled a huge package of unfunded tax cuts that roiled the markets.
The Financial Times reported the news of Scholar’s appointment earlier.
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