Nomura Reorganizes Asia Equities Team as Nagai Starts Job Cutsby
James O'Neile named Asia-Pacific head of cash-equity sales
Brokerage said to cut up to 30 jobs in Asia ex-Japan equities
Nomura Holdings Inc., Japan’s largest brokerage, named James O’Neile as Asia-Pacific head of cash-equity sales as it reorganizes and cuts jobs in its regional equities business.
Stanley Wong, North Asia head of equity sales, and Michael Kurtz, global head of equity strategy and chief Asia ex-Japan strategist, are leaving the firm, according to separate company memos, the contents of which were confirmed by Hong Kong spokesman Aaron Pan.
The restructuring involves the elimination of as many as 30 jobs in Nomura’s Asia ex-Japan equities division, and came after a dozen job cuts at the investment-banking unit last month, a person with knowledge of the matter said. The brokerage plans to largely exit its European equity operations as Chief Executive Officer Koji Nagai reduces costs after years of losses overseas, people familiar with the matter said this week.
O’Neile’s promotion will add to his existing responsibility for Japan cash-equity sales for Asia ex-Japan. In his new role, he’ll report to Daisuke Mototani, head of equities for Asia ex-Japan, and Norikazu Akedo, head of equities for Japan.
As part of the reorganization under O’Neile, the bank also appointed Miriam Chan as head of Hong Kong and China cash-equity sales, and Graeme Bateman as head of generalist sales for Asia ex-Japan, in addition to his existing responsibilities as head of middle markets for the region, according to one of the memos.
Takashi Kojima, while remaining as head of Japan cash equity sales in Singapore, will also head Asian cash-equity sales to Japanese institutional clients based in Singapore. Yuki Saito was named head of Japan cash-equity sales in Hong Kong, and he will also head Asian cash-equity sales to Japanese institutional clients based in Hong Kong.
Kurtz joined Nomura in 2011, initially as Chief Asia equity strategist, one of the memos showed. Wendy Liu, head of China equity strategy, will expand her role to oversee Greater China including Hong Kong and Taiwan, according to the document.