As you will recall if you read this article, Nomura announced its bonuses last month. Some people there were paid “beyond expectations.” Some were not. Some have been leaving.
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We understand that around five people have left Nomura’s trading business in recent weeks. But we also understand that at least two people have arrived.
Nomura declined to comment for this article but we understand that the departures include: Sergey Smallkov, an emerging markets STIR trader in London; Kentaro Seki, a senior rates trader in Tokyo and Christopher Killoran, a junior rates trader in Sydney. An executive director in equities sales is thought to have left too, along with an associate in FX options.
It’s not clear where they are going. Nomura traders can be popular with hedge funds because they take more proprietary risk than traders elsewhere.
Amidst the post-bonus departures, Nomura is also understood to have hired. Suhail Patel, an FX options trader has just joined from UBS in Singapore. So too has Lattakit Lapudomkarn, an economist in Thailand.
At its recent 2026 investor day, Nomura noted that macro products now account for only 25% of revenues in its wholesale (investment) bank, down from 35% ten years ago. Credit trading now accounts for 22% of revenues, up from 16%. Securitised products trading revenues in particular have grown 90% in recent years. By diversifying, Nomura said it has cut revenue volatility in its wholesale business by 37%.
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