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Dark Days at the Folly as Nomura Traders Join Europe’s Jobless

  • Hundreds gather in pubs after bank shuts London equities unit
  • Fights over pay, documents show human cost of cutting jobs
Table settings sit in The Folly, a pub operated by Drake and Morgan Bars and Restaurants.

Table settings sit in The Folly, a pub operated by Drake and Morgan Bars and Restaurants.

Source: Roche Communications

They made their way in dribs and drabs. Hundreds of displaced bankers, shuffling up Suffolk Lane to All Bar One and along Upper Thames Street toward the Folly, the only pubs in the City of London open that early on an overcast Tuesday morning.

It was April 12, and Tokyo-based Nomura Holdings Inc. had just informed about 600 traders, analysts and advisers that they were no longer needed. The bank was pulling out of equities in Europe, affecting roughly one in five employees in the region. They’d been herded into conference rooms at 8:20 a.m., where the news was relayed in perfunctory speeches by senior managers and human resources personnel: Gather your belongings, leave your key cards at reception and exit the building. Thanks for everything.