First Goldman Sachs, then Morgan Stanley, now this firm....
Bloomberg reports that Nomura, Japan’s biggest brokerage, said it will ease the pace of job cuts after efforts to trim costs, including eliminating 1,300 positions, helped profit climb in each of the past two quarters.
'We do not foresee any substantial reduction in headcount', Jonathan Lewis, co-deputy chief financial officer, said in a phone interview from London last week after Nomura posted quarterly profit that rose 86% from a year earlier. 'We are broadly comfortable with our headcount level but will always look to adjust costs in light of market conditions'.
In the meantime, The Wall Street Journal reports that Macquarie's core investment banking unit, Macquarie Capital, contributed $88m to the group's annual net profit - a decline of 60%. And Macquarie Securities posted a net loss of $202m. The firm is in the process of cutting up to 25% in costs from these units.
And Reuters reports that European equities broker Exane BNP Paribas, a joint venture between independent securities house Exane and French bank BNP Paribas, has hired 16 people in London, making the most of a retreat by rivals.
While many European banks and stockbrokers have been cutting back in equities as battered trading volumes prove an increasing drag on their ailing businesses, some firms, including smaller ones, are still hiring in the hope that fewer competitors means more business.
Antonio Pereira and Fabio Bicudo, previously managing directors at the New York-based company, were named co-COOs and Wainstein, 42, who was head of the Brazil investment bank, will become chairman effective immediately.