Nomura’s Recent Job Cuts Extend Beyond London Proprietary Trading Business
Nomura, a global financial services firm, has recently made headlines with a round of job cuts that go beyond its nascent London proprietary trading business. According to a report by Bloomberg, Nomura has abandoned efforts to start a prop trading business in London, leading to the departure of Pamela Massaad Scott, who joined the firm last year. However, the cuts seem to have affected at least four other individuals, with some based in Singapore.
Key Personnel Affected by the Job Cuts
The individuals affected by the recent job cuts at Nomura include:
- David Yi – Singapore-based managing director on the options trading desk
- Anant Swarup – Singapore-based MD and head of prop trading
- Supat Julsiri – Singapore-based executive director in prop trading
- Quinn Borkey – VP in emerging markets FX trading in New York
A spokesperson for Nomura stated that the bank “regularly reviews its headcount needs taking into consideration market demand and resource management, ensuring an efficient operating model globally.”
The job cuts appear to have come as a surprise, as Nomura had previously announced plans to strengthen its rates and FX trading businesses globally. The firm had even made significant hires, such as Rajiv Shah from BNP.
Notable Departures at Nomura
In addition to the recent job cuts, Nomura has also seen several key personnel leave the firm voluntarily. Kilian Frensch, the head of European rates swaps trading, departed at the end of October. Jeanna Lee, the head of South East Asia swaps trading in Singapore, left in September. Tay Jing Wen, an Asian options trader, is also reported to have left the firm.
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