Two Nomura Investment Bankers in Australia Are Said to Leave
(Bloomberg) -- Two of Nomura Holdings Inc.’s metals and mining-focused investment bankers in Australia have left the bank as part of a global cost-cutting effort, people with knowledge of the matter said.
Robert Bailey, a managing director and head of natural resources for Australia, was among the two bankers who recently left the company, said the people, who asked not to be identified as the information is private.
Nomura joins other lenders such as HSBC Holdings Plc and Societe Generale SA in eliminating roles in recent months. The Japanese bank has been overhauling its global business in a bid to save $1 billion in costs and sustain profitability abroad. It cut about half a dozen investment banking jobs in Dubai, Bloomberg News reported in September. Earlier in the year, the bank axed dozens of jobs in the U.S.
Bailey joined Nomura in 2016 from the Royal Bank of Canada where he covered metals and mining investment banking. Bailey also previously worked at Macquarie Bank Ltd., according to his LinkedIn profile.
A representative for Nomura declined to comment. Bailey did not answer telephone calls seeking comment.
While Nomura is exiting sub-sectors where it has limited scale or global connectivity, it remains focused on its sustainable finance and renewable energy businesses, one of the people said. The company agreed to acquire boutique investment bank Greentech Capital Advisors last December. Nomura has worked on recent transactions in the renewable space, advising Spanish company Iberdrola SA on buying Australian wind farm developer Infigen Energy.
©2020 Bloomberg L.P.