Nomura signalled its intention to become a major force in European investment banking yesterday after acquiring Lehman Brothers' London equities and investment banking business in a deal that will save 2,500 jobs.

Japan's biggest investment bank said the mistakes made by international rivals had allowed it to fulfil its long-held ambition of becoming a major player in Europe. The bank will hire just over 2,500 Lehman employees, with the vast majority to be based at the bankrupt US bank's office at Canary Wharf in London's Docklands. The deal leaves the future unresolved of about 2,000 staff in London, working in businesses such as fixed- income and asset management.

PricewaterhouseCoopers, the administrator, said it had received 'tentative' interest in these.

The Independent