Nomura has become the latest global investment bank to scale back its Australian equities business, in a move that will see head of equities Andrew Norman and about 30 staff let go, according to reports.
Merrill Lynch and CIMB removed their respective local head of equities roles recently. Randolf Clinton left CIMB in May and Matthew Unsworth left Merrill Lynch in March.
The AFR reports that a large chunk of Nomura’s equity sales unit is being cut, leaving just one sales trader and an operator.
Former head of macro trading products Jon Linton has been named head of global markets and will be responsible for equities as well as fixed income in his new role.
The Wall Street Journal reports that Nomura will continue to cover more than 60% of the Australian equity market by market capitalisation, with a focus on stocks with high trading volumes.
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