Nomura Holdings is reorganising its investment banking team in Asia and cutting jobs to cut costs amid slowing deal activity in China and Hong Kong.
Patrick Kwan, head of investment banking for Asia excluding Japan, is leaving the firm after more than two years in the role, according to an internal memo confirmed by a firm spokesperson. He will be replaced by Jwalant Nanavati, who will remain head of the Southeast Asia business.
The management shakeup comes amid a fresh round of layoffs involving about 10 bankers this week, said people familiar with the matter, who asked not to be named because the matter is private. The departures include managing directors Johnson Chui, head of equity capital markets for Asia ex-Japan, and Marcella Chan, head of corporate finance for Asia ex-Japan.
