nomura-fires-bank-of-americamerrill-lynch-hires

Nomura fires, Bank of America-Merrill Lynch hires

Nomura cuts staff in Asia ex-Japan in a rationalisation move, while Bank of America-Merrill Lynch makes three hires in Japan.

Nomura has cut approximately 50 staff in its investment banking division IBD across non-Japan Asia, in what one source says is a rationalisation move following the integration with Lehman Brothers, the former US investment bank, in 2008. The cuts were reportedly across the board in terms of front office versus support functions, as well as in terms of seniority.

No one was protected, says the source. There are no details of how the layoffs were split between Nomura and ex-Lehman bankers. The source adds that Nomura now has 150-200 investment bankers in Asia ex-Japan, which puts it on a par with its rivals in an environment suffering from reduced...

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