Jefferies said to cut traders after poaching rival team

More rightsizing.

The New York Post reports that Jefferies Group slashed its New York-based emerging markets debt desk to make room for a team that it hired away from Nomura, The Post has learned.

The investment bank, led by CEO Richard Handler, dismissed about 10 traders, salesmen and analysts on its Latin American debt group, according to two newspaper sources.

Adam Groothuis, the former head of Nomura’s LatAm credit trading desk, is bringing his team over to Jefferies, the sources said. Bloomberg News reported last month that Groothuis was in talks to join Jefferies.

Jefferies’ fixed-income profits for the third quarter were down $14 million, 'reflecting the slow environment and the volatility that resulted in mark-to-market write-downs in our inventory', Handler said.

Hit the link below to access the complete New York Post article:

Jefferies cuts bond traders after poaching Nomura team

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