Nomura has made a round of job cuts. They go beyond its nascent London proprietary trading business.
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Bloomberg reported today that Nomura has abandoned efforts to start a prop trading business in London, and that Pamela Massaad Scott, who joined last year in London, has left. However, insiders say at least four other people were also cut on Wednesday. Several are in Singapore.
They include: David Yi a Singapore-based managing director on the options trading desk; Anant Swarup, a Singapore-based MD and head of prop trading; Supat Julsiri, a Singapore-based executive director in prop trading, and Quinn Borkey, a VP in emerging markets FX trading in New York.
A spokesperson for Nomura said the bank, “regularly reviews its headcount needs taking into consideration market demand and resource management, ensuring an efficient operating model globally.”
The cuts seem to have come as a surprise. In October, Nomura said it plans to beef up its rates and FX trading businesses globally. It’s made some big hires, including Rajiv Shah from BNP.
Nomura has leaked various people who’ve left of their own accords. Kilian Frensch, the head of European rates swaps trading left at the end of October. In Singapore, Jeanna Lee, the head of South East Asia swaps trading, left in September. Tay Jing Wen, another Asian options trader, is understood to have vanished too.
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