The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Nomura cuts back on staff

The Japanese bank no longer appears to be targeting the frequent issuers business.

In London, Nomura has made some redundancies in fixed income sales and trading. The losses, understood to total 25, were a surprise given the bank’s recently positive results.

The two best-known individuals are James Orbell, who worked on debt syndicate, and Catriona Brown, who was head of origination for sovereign, supranational and agencies.

Orbell’s departure was a surprise for both insiders and outsiders as he was regarded as a highly experienced and safe set of hands. He will not have any shortage of offers.

Apparently, the order to let Orbell go came down from a very senior level and was one his direct bosses tried to resist. Brian Lawson, head of syndicate, is back doing deals.

Meanwhile, Brown insists she is retiring from the business, but has already received some calls from headhunters seeking to place her at other institutions.

Strategy shift?

Where exactly does this leave Nomura? It has made no comment on whether the redundancies signal a shift of strategy in its fixed income franchise. It has tried to build a derivatives business, which is a costly process.

Whether this single A rated bank can make its investments pay remains to be seen.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree