While banks like Jefferies are building their rates trading business, Mizuho has seen a spate of exits after some recent hiring.
Sources say that both Jason Cohen, a managing director and head of the rates trading business in London, and Kevin Broughton, a director, left yesterday. They are thought to have been let go.
Nicholas Holt, who was transferred to Frankfurt to work in credit sales is also thought to have left last week.
Mizuho declined to comment on the exits. They follow a recent spate of hiring in Mizuho's sales and trading business, which included the addition of two directors in rates sales, two directors in credit sales and one director in central bank sales in April and May.
Jason Cohen joined Nomura in November 2020. Broughton joined in May 2021 and was head of US rates trading after nearly four years at RBC.
Rates trading businesses have been doing well this year as central banks move away from quantitative easing and hike rates. NatWest rates people have been joining Morgan Stanley. Nomura has been rebuilding its rates business, and one senior Nomura rates trader recently quit to become head of rates at Lloyds Banking Group.
In April, Claus Jorgensen, the head of credit trading at Mizuho EMEA, officially left the bank. Roy Martins, the EMEA head of sales, subsequently exited too.
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