Japanese bank Nomura Holdings Inc. is cutting about 60 jobs from its global markets business in London, many of them in fixed income, a source familiar with the matter said on August 10. The move follows a review of the division's management structure against a backdrop of a tougher regulatory environment and deteriorating market conditions in some areas, the source said.
New regulation, declining liquidity and banks' withdrawal from market-making activities across much of the fixed income universe have forced many to cut back on staffing as profits from these businesses have dwindled.
The latest snapshot of big banks' fixed income, currencies and commodities (FICC) businesses from financial industry analytics firm Coalition showed revenue trending down as much as 5 percent in the second quarter compared with the same period a year ago.
Comments
Comments are closed.