It's not just Fred Jallot: a lot of recent credit hires are leaving Nomura

Another senior executive has fallen foul of the curse of 2018. Fred Jallot, Nomura's global head of credit and asset-backed securities in Europe, the Middle East and Africa, is leaving the bank.

Jallot, who was hired by Nomura from Citigroup less than a year ago as head of global markets EMEA, was given a smaller job in January (global head of credit plus asset-backed securities in Europe, the Middle East and Africa in January 2018). He is now said to be, "close to leaving."

Bloomberg reported Jallot's exit on the terminal earlier this afternoon. The bank declined to comment.

Jallot's disappearance comes after Barclays laid off senior credit traders in London earlier this month. It also reflects the dangers of taking a new job at a different bank late in your career. Before Nomura, Jallot spent around 12 years at Citi and around five years at Deutsche Bank.

Nomura's overall global markets business is jointly led by Steve Ashley and Yutaka Nakajima. The reason for Jallot's exit is unclear. Revenues in Nomura's fixed income business rose 14% year-on-year in the most recent quarter, thanks to what the bank described as improvements in both rates and credit.

Nomura made numerous big sales and trading hires last year. Alongside Jallot, it added Gokhan Buyuksarac, a top Goldman Sachs emerging markets trader, who joined in London in April, followed by Meraj Khan, the former head of emerging markets macro trading for Europe at UBS, who joined in New York.  it also brought-in Omar Ghalloudi, the former head of investment grade credit trading at Citi, plus two senior emerging markets traders from Credit Suisse and Bank of America. In Paris, it hired Frederic Giovansili, Citi’s former head of French markets, to set up a new credit trading desk. In Singapore, it hired Ajay Abrol from Millennium for macro trading in July.

Both Jallot and Ghalloudi were seemingly lured to Nomura by Wissam Farrah, a former Citi veteran who joined as head of EMEA global markets sales in October 2016.  Insiders say Farrah left several months ago to focus on personal investments and that David Ishoo Mirzayoo, whom Nomura hired from Goldman Sachs in March 2017 as head of CEEMEA credit sales, left shortly afterwards.

Jallot is reportedly being succeeded by Matt Reader, a Nomura veteran who was previously head of fixed income structured products and global markets structuring and global head of rates.

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