The winter in the capital market continues, and Nomura (NMR.US) restructures and lays off its Asian infrastructure team.
1min read Nomura Holdings (Nomura Holdings) is reorganizing its Asian investment banking team and cutting jobs to reduce costs amid a slump in trading.
An internal memo showed that Patrick Kwan, head of the investment banking business in Asia (excluding Japan), will leave the role after more than two years. Jwalant Nanavati will replace him, and will continue to lead the Southeast Asia business.
People familiar with the matter said the management changes coincided with a new round of job cuts at the bank this week, affecting about 10 bankers. The departing employees include Johnson Chui, head of equity capital markets in Asia (excluding Japan), and Marcella Chan, head of corporate finance at AEJ.
Over the past two years, global banks and investment houses including Morgan Stanley, Goldman Sachs and JPMorgan have been cutting jobs in Asia as the long-term growth engines of the region have been turned off.
Meanwhile, Andrew Macgonigal will co-lead the investment banking business in Asia with Akihiro Koseki, according to the memo. Macgonigal will continue to lead the business in Australia and as chief executive.
The changes will take effect on July 17.
Nomura announced in May this year that it would double its profit by 2030, in part by having its key institutional businesses finance their own businesses. The Japanese broker last year reported its first annual profit growth since Kentaro Okuda took over as chief executive in 2020.
The costs of its institutional business remain high, prompting Nomura to seek growth in other areas such as trust banking and asset management.
