Nomura's Fred Jallot said to be joining Jefferies in London

Remember Fred Jallot? He's the former global head of emerging markets for EMEA at Nomura. Market sources say he is about to arrive at Jefferies.

Jefferies declined to comment on the alleged move, which would be Jallot's second in 18 months. He joined Nomura as head of global markets EMEA in July 2017, before leaving again in June 2018. Following Jallot's exit, Nomura put around 50 people at risk in its fixed income sales and trading business.

Jallot is understood to be joining Jefferies as head of European fixed income in London, reporting to Fred Orlan in New York. He is expected to arrive in the next few weeks.

Jallot's arrival follows a weak third quarter for Jefferies' fixed income business, with revenues largely flat year-on-year. Chief Executive Officer Rich Handler, and Brian Friedman, chairman of the executive committee, said the rates business had a particularly difficult three months and that client engagement was low.

Jallot comes from the credit trading side of the business. Before joining Nomura he was head of credit trading and structuring at Citi. He's spent more than 20 years in banking in total.

Jallot made various hires at Nomura, many of whom left the bank after he departed. He may be tempted to hire some of them again at Jefferies. However, Jefferies can be a touchy sort of place - the U.S. bank hired Faraz Naseer from Citi in May, and caused upset among some of its existing traders in the process.

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