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Nomura Chief Risk Officer, Senior Traders Exit

  • Chief risk officer Lewis O’Donald has left the brokerage
  • Departures include senior salespeople and traders in U.S.
Updated on

Nomura Holdings Inc.’s Chief Risk Officer Lewis O’Donald and senior salespeople and traders in New York, Europe and Asia are among those leaving as Japan’s largest brokerage retrenches from several markets including U.S. credit, according to people familiar with the matter.

The departures, part of Nomura’s plan announced last week to cut costs in its global trading and investment banking operations by $1 billion in coming years, are focused on the Japanese firm’s secondary business in fixed income, currencies and emerging markets. Chief Executive Officer Koji Nagai is pivoting toward what he calls “client-focused” businesses, such as advisory, which tend to be less volatile.