Bloomberg News

Nomura Said to Be Cutting 30 Managers From Fixed-Income Division

March 13, 2012

Nomura has pledged to cut $1.2 billion of costs worldwide after expenses surged following its 2008 purchase of Lehman Brothers Holdings Inc.’s businesses in Europe and Asia. Photographer: Kiyoshi Ota/Bloomberg

Nomura has pledged to cut $1.2 billion of costs worldwide after expenses surged following its 2008 purchase of Lehman Brothers Holdings Inc.’s businesses in Europe and Asia. Photographer: Kiyoshi Ota/Bloomberg

Nomura Holdings Inc. (8604), Japan’s biggest securities firm, will cut about 30 managers in its fixed income unit, three months after naming Steve Ashley global head of the division, a person briefed on the matter said.

The departures will include Kieran Higgins, co-head of fixed income for Europe, the Middle East and Africa, and Peter Hornick, head of fixed income sales for the Americas, Ashley wrote in a memo to employees yesterday. Georges Assi will become sole head of fixed income in Europe.

“These changes will help drive the next phase of our growth in global fixed income,” Ashley said in the e-mail. “We have a lot to achieve and I look forward to working closely with the new management team as we shape the future strategic agenda of our global business.”

Nomura has pledged to cut $1.2 billion of costs worldwide after expenses surged following its 2008 purchase of Lehman Brothers Holdings Inc.’s businesses in Europe and Asia. The shakeup follows the January resignations of Jesse Bhattal, former deputy president and chief of wholesale banking, and Tarun Jotwani, who was head of Nomura’s global markets unit, which was subsequently split.

Hornick declined to comment, while Higgins didn’t immediately return a call to his office. Officials at Nomura in London declined to comment.

Shares of Tokyo-based Nomura rose 3.4 percent to 399 yen at 11:30 a.m. on the Tokyo Stock Exchange. Nomura has gained 71 percent this year, the second-best performer on the Nikkei 225 Stock Average. (NKY)

Revenue from fixed income was 71.2 billion yen ($860 million) in the three months ended Dec. 31, 1 percent less than in the year-earlier period, according to company filings. Net income from the wholesale business increased more than threefold to 37.8 billion yen.

Following is a table of Nomura’s global fixed-income management committee:

Georges Assi, Deputy Global Head of Fixed Income, Head of Fixed
Income EMEA & Global Head of Credit Products; Takashi Abiko,
Head of Fixed Income Sales, Asia Pacific; Yutaka Nakajima, Head
of Fixed Income Trading Japan and Australia; Jai Rajpal, Head of
Fixed Income AEJ; Jeff Michaels, Co-Head of Fixed Income
Americas and U.S. Head of Macro Trading; Charles Spero, Co-Head
of Fixed Income Americas and Global Head of Securitized
Products; Chris Fleming, Global Head of Macro Sales; Cactus
Raazi, Global Head of Spread Product Sales; Harsh Shah, Global
Head of Structured Sales; Giancarlo Saronne, Global Head of
Structuring; Des Supple, Global Head of Fixed Income Research;
Jim Merli, Global Head of Fixed Income Syndicate; Michelle Neal,
Global Head of Electronic Markets, Futures & Options, OTC
Clearing; Tomoyuki Teraguchi, Global Fixed Income & Equities
Chief Operating Officer; Mark Cosaitis, Global Fixed Income
Chief Financial Officer, Global Credit Products COO and Fixed
Income EMEA COO; James Lancaster, Global Fixed Income CAO and
Global Macro Products COO.

To contact the reporters responsible for this story: Liam Vaughan in London at lvaughan6@bloomberg.net;

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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