Former Treasury perm sec joins investment bank Nomura

Tom Scholar will become chair of Japanese financial giant’s European operations in April
Sir Tom Scholar Photo: GOV.UK

By Jim Dunton

14 Dec 2023

Former Treasury permanent secretary Sir Tom Scholar has joined Japanese investment-banking giant Nomura.

Scholar, who was sacked by then-PM Liz Truss and chancellor Kwasi Kwarteng in the opening days of their brief tenure in Downing Street last year, will become a non-executive director of Nomura from 1 January.

Nomura said that from April, Scholar will succeed David Godfrey as non-executive chair of Nomura Europe Holdings plc, Nomura International plc, and Nomura Bank International plc.

Group chief executive Kentaro Okuda said Nomura would benefit from Scholar’s “long and distinguished career” in the civil service and his extensive knowledge and understanding of the financial sector.

“EMEA continues to be a significant part of our global strategy and we look forward to working together with Sir Tom on the opportunities that lie ahead,” he said.

HM Treasury’s annual report and accounts for 2022-23 revealed that Truss and Kwarteng’s widely-criticised decision to sack Scholar cost the department almost £500,000 in severance pay and compensation.

Earlier this year anti-corruption watchdog the Advisory Committee on Business Appointments also cleared Scholar to take up an unpaid role with European economic think tank Bruegel.

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