Nomura is retreating from U.S. investment-grade corporate credit trading after last year’s bout of volatility in fixed-income markets, according to two people with knowledge of the decision.
Bloomberg News reports that the Japanese firm cut a group last week that was focused on brokering the debt, including Timothy Everitt and Jess Belcher, said the people, who asked not to be named because the move wasn’t publicly announced.
The bank still plans to trade some dollar-denominated investment-grade debt, although it will focus more on junk-rated bonds, the people said.
'We will have to review our business performance more strictly than in the past,' Chief Financial Officer Shigesuke Kashiwagi said of the overseas operations on a conference call with analysts last week. 'It’s possible that there will be cost cuts across front, middle and back offices.'
Hit the link below to access the complete Bloomberg News article: