Nomura cuts jobs from UK legal team
Nomura and Barclays Capital have become the latest financial institutions to cut legal jobs, with the Japanese investment bank making cuts in its UK legal team. Two members of the bank's in-house legal and compliance team in London have been made redundant, with the cuts affecting both the real estate finance and collateralised debt obligations teams.
July 10, 2008 at 01:53 AM
2 minute read
Nomura and Barclays Capital have become the latest financial institutions to cut legal jobs, with the Japanese investment bank making cuts in its UK legal team.
Two members of the bank's in-house legal and compliance team in London have been made redundant, with the cuts affecting both the real estate finance and collateralised debt obligations teams.
Nomura confirmed that the cuts represent a little more than 2% of its 90-strong team in the UK, with the affected positions sitting in business groups the bank had already scaled back on. A spokesperson said these were isolated cuts, stressing that Nomura's headcount has grown over the last year.
Nomura has worked with law firms including Allen & Overy, Ashurst, Linklaters and Freshfields Bruckhaus Deringer. Last year it named former Freshfields lawyer Mark Chapman as its new European general counsel. He replaced former Linklaters managing partner, Terence Kyle, who retired last March to join mentoring consulting group IDDAS.
The redundancies at Nomura follow losses at other banks with UBS, Bear Stearns and Barclays Capital among those to recently announce headcount reductions.
BarCap announced around 100 redundancies across departments including European leveraged finance and IT. It is understood that at least one senior lawyer in the leveraged finance team has been affected.
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