Nomura’s latest overhaul is expected to lead to about 150 job losses across the US and Europe.
Tuesday 09, April 2019
(Bloomberg) --Nomura Holdings’ Chief Risk Officer Lewis O’Donald and senior salespeople and traders in New York, Europe and Asia are among those leaving as Japan’s largest brokerage retrenches from several markets including US credit.
The departures, part of Nomura’s plan announced last week to cut costs in its global trading and investment banking operations by $1 billion in coming years, are focused on the Japanese firm’s secondary business in fixed income, currencies and emerging markets. Chief Executive Officer Koji Nagai is pivoting toward what he calls “client-focused” businesses, such as advisory, which tend to be less volatile.
In the Americas, senior fixed-income strategists George Goncalves and Siobhan Morden are among those departing along with Lee Olive, co-head of leveraged finance, and top high-yield bond salesman Brian Lee, said the people, asking not to be named discussing personnel moves.
The Americas business will largely stop trading in both investment-grade and high-yield debt as part of the wider restructuring. High-yield bond traders Vivek Raman and Andrew Leonhard are exiting, the people said, along with credit salesmen William Goebelbecker and Ben Golden.
In Europe, Dan Cohen, Head of Europe, Middle East and Africa high-yield trading and Bilal Hafeez, Nomura’s head of G10 foreign-exchange and rates strategy, who writes a wellness newsletter, are leaving.
Additionally, other European departures include Gokhan Buyuksarac, Head of CEEMEA currencies, Asa Attwell, who oversaw Europe G10 currencies Amanda Brilliant, who helped oversee repo business Clive Hadingham, Head of Northern Europe foreign exchange sales.
In Asia, Graeme Bateman, 18-year veteran and Head of Asia-Pacific research sales for Hong Kong and Neil Sheppard, a Managing Director in equity derivatives, are also leaving, the people said.