Nomura said to cut 50 jobs in London, including senior traders
The Japanese bank, which largely exited European equity operations in 2016, has had persistent problems in its London office
London — Nomura is cutting at least 50 positions in London, including some of its most senior traders, people familiar with the Japanese bank’s plans said. The bank, which largely exited European equity operations in 2016, has had persistent problems in its London office. Since October, it has shuttered a proprietary-trading desk after a series of trades went awry and reported a loss of about ¥14bn ($127m) tied to Steinhoff International. The firm’s global head of credit, Frederic Jallot, left in June less than a year after he joined. The cuts affect staff including Omar Ghalloudi, who joined from Citigroup just last year, and Steven Marshall, who is head of CVA trading, according to the people, who requested anonymity. Nick Oxlade, Manolo Pedrini and Walid Haram, who help oversee different fixed-income trading businesses in London, might also be leaving, the people said. Japan’s biggest brokerage has often struggled to make money overseas, leading to gyrations in strategy and stop-...
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