hr.economictimes.indiatimes.com | www.ETHRWorld.com
By Scott Murdoch and Selena Li
SYDNEY: Japanese investment bank Nomura Holdings has laid off about 10 of its Hong Kong-based investment bankers, including some who were focused on China-related deals, said two sources with direct knowledge of the matter.
The sources, who spoke on condition of anonymity because they were discussing confidential information, said the cuts were announced this week, and ranged from junior to top-ranking bankers, including managing directors and executive directors.
Nomura declined to comment when reached by Reuters.
The Japanese investment bank has seen its China-linked fortunes slipping lately.
Nomura’s merger and acquisition fee revenue for the first three quarters of 2023 fell by 40.4% to $68.8 million in the Asia Pacific region, including Japan, according to LSEG data.
Nomura did not feature on the league tables of the top 25 advisors on China-related buyout deals compiled by LSEG for the first nine months of the year.
Its fortunes in regional equity capital markets were boosted by its leading advisory role in March on the $9.24-billion stake sale by Japan Post Holdings in Japan Post Bank Co.
Leading U.S. and European banks, such as Goldman Sachs , Bank of America, Citigroup and UBS , have launched rounds of layoffs this year in their Asia investment banking units.
The cuts were attributed to softening the blow of…
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