Nomura Prime Makes Euro. Prime Brokerage Layoffs

Apr 1 2011 | 12:25pm ET

Nomura Holdings has made deep cuts to its European prime brokerage team as it refocuses its efforts on the U.S. and Asia.

At least five top members of its European prime brokerage team have left the firm, part of a wider series of 25 to 30 redundancies across Nomura's European equities business. The cuts come as Nomura reduces its cash prime brokerage business in Europe, where it has struggled to compete, and fall particularly hard on sales and capital introductions staff, Financial News reports.

Among those losing their jobs are Matt Pinnock, co-head of prime services in Europe, the Middle East and Africa. Pinnock's co-head, Jeff Zoreck, remains at Nomura.

Also leaving is recent hire Martin Beeche, who was named European head of prime services origination in October, with a guaranteed pay package of over US$1 million.

In addition, Stu Park, head of European capital introduction, John Southgate, a member of the cap. intro. team, and Marianne Scordel, a member of Beeche's origination team who also joined in October, have also left. And Florent Josset, global head of capital introduction, has been moved into fund-linked distribution.

The exits leave only junior staffers on Nomura's European cap. intro. and originations teams.

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