India is hit hard in Nomura downsizing

Further to the story published by FinanceAsia on Friday, it transpires that India has been hit hard by Nomura's announcement that it is reducing its headcount by about 50 people in Asia ex-Japan. Of the 26-strong investment banking team in India, the Japanese bank will let go of nine people.

The bankers who are leaving include some of the most senior staff Nomura had on the ground in India, corroborating once again that the current rounds of headcount reductions, across firms, are intended to reduce numbers as well as costs.
 
Some of the people who are being let go are bankers Lehman Brothers had hired to kick-start its India investment banking business, including...