Nomura has named the former head of global equity research at UBS to run its own equity research offering in Europe after a wide-ranging shake-up that led to nearly 20 employees being cut from the bank’s research team.

Alan MacDonald, who joined the Japanese bank as a specialist salesperson on its oil and gas team in late 2011, has been promoted to the research top spot in Europe, the Middle East and Africa, according to a memo seen by Financial News.