Nomura Strengthens its US Cash Equities Trading
As many large firms trim their equities trading staff, Nomura is building up its equities sales and trading operation, at least in the US.
Calling it part of its continued expansion of its Americas Equities division, Nomura, hired three senior traders in US Cash Equities to lead the technology, industrials and consumer sectors. The firm has built its core capabilities across US equities, and has focused on strengthening its cash, sales and research offerings since the October 2010 launch of the business.
The three hires, Kevin Kilgallen, Jeff Haise and Tom Terzulli will be based in New York and report to Ian Winer, Managing Director and Head of US Cash Trading.
In a statement Nomura released this week, Ciaran O'Kelly, Head of Americas Equities, said, "Last year we joined the top 10 players in the US in derivatives, convertibles and program trading, as measured by client commissions paid - and our immediate goal is to extend that success to Cash Equities.
Kevin Kilgallen, had been at BTIG and will be Managing Director and senior technology trader. Jeff Haise and Tom Terzulli came from Deutsche Bank. Haise will be Executive Director and senior industrial trader. and Terzulli will be Executive Director and senior consumer trader.
Earlier today we reported that Credit Suisse is cutting hundreds of traders, including 25 traders in London.
Credit Suisse, like most other investment banks, saw a fall in equities revenues in the first quarter, but at 10% the decline was more pronounced than most firms. It also continued to increase its US equities headcount throughout the financial crisis, which may explain why there's a need to cut in the wake of falling revenues.