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City of London

Mizuho Overhauls London Rates Leadership After Strategy Clashes

  • Japanese bank names new co-heads for rates derivatives trading
  • Two senior figures in European rates business depart

Mizuho Financial Group Inc., the Japanese lender that has struggled to make its mark in Europe, has overhauled the leadership at its rates-trading business in London after disagreements on strategy and performance. 

Jason Cohen and Kevin Broughton, who both joined Mizuho as part of an effort to build the rates division, left in recent days, people familiar with the matter said. Andra Belcea and Yasuji Onozuka will become interim co-heads of rates derivatives trading as part of an overhaul that will “guarantee success,” according to an email sent to colleagues by Asif Godall, the Japanese bank’s head of markets for Europe, the Middle East and Africa.