Former top Treasury mandarin Tom Scholar joins Nomura

Japanese bank Nomura Holdings has appointed former top Treasury mandarin Tom Scholar as chairman of its European division.

Scholar, a long-standing and well-regarded civil servant, was sacked as permanent secretary to the Treasury by Liz Truss and Kwasi Kwarteng as they sought to purge economic ‘orthodoxy’ from UK government thinking.

He will succeed David Godfrey in April. Nomura chief executive Kentaro Okuda said: ‘[Scholar] has had a long and distinguished career in the British civil service and Nomura will no doubt benefit from his extensive knowledge and understanding of the financial sector.’

Scholar spent 30 years in the civil service, advising successive Labour and Conservative prime ministers and chancellors. He was at the heart of the response to the 2008 financial crisis.