Japanese brokerage firm Nomura is set to dismantle a significant part of its Australian equities team as the firm looks to trim costs.
In a note from Australia chief executive Hiroyuki Nishikawa, staffs were told changes would be made to bring it in line with the bank’s global strategy.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"While there will unfortunately be some redundancies in our Australian equities team, the overall result will be a more efficient business and operating model that is crucial to driving profitability through the product lines and within Australia," Nishikawa said.
"The growth strategies for fixed income and investment banking division are unchanged, with hiring for key positions recently finalized in fixed income and near completion in investment banking," he added.
The changes are understood to mean local equities head Andrew Norman and capital markets chief Mark Bartels are stepping down.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe changes are part of the firm’s global alignment of its equities and Instinet businesses, the brokerage it acquired in 2006.
Nomura’s rival Deutsche Bank has also trimmed its Australian headcount to 725 from 1,000 in the last few years.
According to Reuters, Australia and New Zealand Banking Group (ANZ) is also considering sending call centre jobs overseas, after unveiling plans last year to cut 1,000 jobs.
