Daiwa cuts back on ECM in Asia

Jonathan Orders, the head of ECM for Asia-Pacific outside Japan, left the firm last week, together with the head of equity syndicate, the head of equity-linked and several other people in the team, sources say.

Daiwa Capital Markets last week laid off three key people in its equity capital markets team in Asia, including the head of ECM for Asia Pacific ex-Japan, Jonathan Orders, sources say. The layoffs, which are said to have affected several other people in the team as well, come after the firm severely trimmed its equity sales and research staff in Asia in the first quarter of this year and raise questions about Daiwa’s commitment to its ECM business in the region.

Some suggest Daiwa has let go of the great majority of a team that consisted of 13 to 15 bankers, but according to one source, the cuts aren’t that...

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