Andrew Norman, the former head of equities for Nomura’s Australian business, has been the victim of a restructure, let go along with a number of his colleagues at the Japanese investment bank’s Sydney office as the firm combines its bond and stock trading businesses globally on a single electronic trading platform, Instinet.
Jon Linton, who ran the bond business for Nomura in Australia, will now head a combined fixed income and equities department in Australia, according to an email seen by Markets Spectator.
Hiroyuki Nishikawa, chief executive of Nomura in Australia, did not specify how many other people apart from Norman lost their jobs only saying there had been “some redundancies”. Nishikawa said the firm had hired some people to work in fixed income and was progressing on hiring others to work in investment banking.
Norman’s Nomura hiring was announced on June 21, 2010 ending a 16-year stint at Credit Suisse Group where he was co-head of cash equities.
Nomura says its research analysts cover about 60% of the total market value of the ASX.