Nomura Holdings is reshuffling its Asia investment-banking team and cutting jobs in an effort to reduce costs amid a deals slump 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 company spokesperson. He’ll be replaced by Jwalant Nanavati, who will remain head of the Southeast Asian business.
The management change coincides with a new round of job cuts involving about 10 bankers this week, people familiar with the matter said, asking not to be identified discussing a private matter. The departures include managing directors Johnson Chui, equity capital market head for Asia ex-Japan, and Marcella Chan, head of corporate finance for Asia ex-Japan.