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Another Japanese bank is leaking fixed income professionals

It’s not just Nomura. While the best known of the Japanese banks is willfully divesting itself of fixed income traders and salespeople as it tries to cut costs, Japanese bank Mizuho is also signing P45s for its London fixed income professionals, who appear to be leaving of their own accords.

Insiders say at least three people have slipped out of Mizuho’s fixed income business of late. They include Michel Ramon, Mizuho’s head of European credit sales since 2013; Daria Crema, an executive director in fixed income sales who specialized in Italian clients; and Christian Santo, the former head of EMEA credit trading.

None of the three men responded to an enquiry about their disappearance. Nor did Mizuho confirm their absence. A spokeswoman for the bank said staff turnover is normal, that fixed income remains an “integral part” of Mizuho’s franchise and that the bank has been hiring and has a, “robust plan to further build our business.”

Last October there were reports of dissatisfaction in Mizuho’s credit trading ranks following the arrival of Zahra Peerbhoy, a former Credit Suisse trader who was reportedly hiring all sorts of her own people and upsetting the Mizuho incumbents. The latest exits may well be related to this. Some of the escapees are rumoured to be joining Jefferies, although this is not confirmed.

Last December Mizuho hired Jon Murray, a former DB director. Murray joined the Japanese bank’s London office as the co-head of equity capital market syndicate and equity-linked origination for Europe, Middle East and Africa region.

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AUTHORSarah Butcher Global Editor

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