Nomura is cutting investment banking jobs too
Investment banking job cuts have arrived at Nomura. In a move first flagged by the Litquidity Instagram account, it seems the Japanese bank is trimming investment banking staff.
Litquidity reported today Nomura is cutting around 10% of staff in its London investment banking division, with leveraged finance, financial institutions group and technology teams worst affected.
Nomura declined to comment on the quantity of staff being let go, but a spokesman said: “2022 saw a material deterioration in global investment banking fee pools and, as a result, we have had to reduce headcount in certain areas. These changes are designed to ensure we retain focus in our key areas of competitive advantage, whilst maintaining core capabilities to position the platform for sustainable profitability.”
Cuts at the Japanese bank come as Goldman Sachs is expected to start making 3,200 job cuts on Wednesday this week, and as HSBC is thought to have let go of its London head of leveraged finance.
The seniority of Nomura's unwanted staff isn't clear. In its Q2 results, released in November 2022, Nomura revealed that its investment bankers had performed comparatively well relative to the rest of the industry: revenues were down a mere 21% year-on-year.
The latest cuts may not be restricted to London: Nomura is understood to be trimming bankers across its international business.
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