Mizuho Hires Nine in Fixed Income as European Banks Retrench
(Bloomberg) -- Japan’s Mizuho International Plc has boosted its presence in high-yield trading and distressed debt in Europe as local banks scale back.
The securities and investment banking arm of Japan’s Mizuho Financial Group Inc. has hired nine in London, according to Asif Godall, head of global markets. Among the new recruits are Iftikhar Ali, an emerging markets trader who joins from BNP Paribas SA, and Venkata Kota, who joins as head of medium-term notes from Deutsche Bank AG.
“European banks have been retrenching in fixed income and we are filling that gap,” Godall said in an interview at Mizuho International’s London office. “We have more incoming enquiries than we can handle. We are flat out despite Brexit and slower global growth.”
Japan’s major banks are looking to deploy their glut of customer savings, which have struggled to generate returns at home. Mizuho, which cut about 20 roles in London amid a management shake-up last year, is moving into high-yield at a late stage in the credit cycle.
The bank sees an opportunity in cross-selling products between Europe, Japan and the U.S. as clients seek to diversify beyond Wall Street, according to Godall.
While Brexit could push some euro-denominated business out of London, emerging-market trading will continue to grow in the city, Godall said. The U.S. elections this year could also make New York less bank-friendly, he added.
Other hires include Mikey Nguyen, who joined in the structured trading and financing team from Deutsche Bank, and Scott Fong in the credit sales team, who was previously at Natixis SA.
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