Nomura just made a big change to its US investment banking business

Nomura is shaking up the ranks of its US investment bank.

The Japanese bank named Mike Hill head of mergers and acquisitions for the Americas, replacing Jonathan Rouner, according to a memo obtained by Business Insider. Hill will retain his role as head of corporate finance for the Americas.

Rouner is becoming a vice-chairman of investment banking. He will retain his role of head of international M&A with a focus on cross-border activity, according to the memo, which was sent Jim DeNaut, head of investment banking in Americas. Rouner will report to Hill and Nomura’s global head of M&A Shinsuke Tsunoda.

Nomura’s investment bank has struggled to gain traction outside of Japan, after it made a bid for global deals with the acquisition of Lehman Brother’s operations outside of the US during the financial crisis.

The M&A market has been booming. A record-high $5.05 trillion in M&A activity took place in 2015, according to Dealogic. The year also saw a record 69 deals of over $10 billion, including 10 transactions of over $50 billion, also a record high.

Nomura ranked as the number two M&A house in its home market of Japan, behind Morgan Stanley, working on $56.7 billion of deal activity. It didn’t make much a dent on the rankings outside of Japan, however.

In Europe, it finished 2015 ranked 19 for M&A in Europe, working on $35.9 billion of dea activity. In US, it didn’t make it into the top 20.

A spokeswoman for Nomura confirmed the contents for the memo.

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