There's been a reminder at Nomura this week that big strategic shifts at investment banks rarely mean layoffs happen all in one go - people tend to dribble out over time.
Accordingly, five months after Nomura announced its significant strategic change at the start of April and a similar amount of time after around 100 front office jobs were cut in EMEA with more cut on Wall Street, sources say Nomura is cutting again. This time, though, it's back and middle office - operations staff in Nomura-speak, who are being shown the door.
Nomura declined to comment on this week's layoffs. They follow the bank's decision to simplify its corporate structure with single global heads for business areas and five globally aligned corporate functions instead of 10 regionally focused ones.
The latest redundancies aren't thought to be significant in number and are understood to extend only to a handful of mid-ranking people in London. However, they are a reminder that layoffs in support functions tend to lag those in the front office - which is something people at Deutsche Bank, in particular, might want to remember as we move towards 2020.
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