Layoffs Watch '15: Nomura

The firm is said to be giving a whole bunch of employees the heave-ho.

Author:
Bess Levin
Updated:
Jul 2, 2019
Original:
Aug 10, 2015

The good news is you all will be getting the rest of the summer off. The less good news is...

Nomura Holdings Inc. is cutting about 60 fixed-income and credit-derivative positions at its global markets operation in London, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The cuts include high-yield bond traders and analysts, according to three other people with knowledge of the matter.

Nomura Said to Cut 60 London Jobs, Focused in Fixed Income [Bloomberg]

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Employees are said to be expecting something resembling a massacre tomorrow around 10 or so, depending on when people roll into the office. From the front lines: "Nomura London cuts happening tomorrow starting 10ish. It's going to be a bloodbath."

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The company is still in the firing phase of the rebuilding process. Nomura Holdings cut a team of London proprietary traders focused on stocks as Japan’s largest brokerage scales back in Europe, said two people with knowledge of the matter. The group of about five traders was part of Nomura’s Angel Lane Principal Strategies, a unit that makes speculative wagers on markets with capital provided by the Tokyo-based bank, according to the people, who declined to be identified because the job cuts haven’t been announced. The team departing this week was led by Anthony Medina, a volatility trader who used options to bet on fluctuations in the prices of stocks, the people said. The departures are part of Nomura’s plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas following the purchase of Lehman Brothers Holdings Inc.’s European and Asian units in 2008. Nomura Said To Cut Team Of Proprietary Traders Focused On Stocks [Bloomberg]

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Cuts have begun across the pond.

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The cuts may start this week.

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Cuts are said to have gone down across the pond earlier today.

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The bank is set to ask half its bankers in Asia to clear out their desks.