Daiwa to cut jobs at India i-banking & equities unit
17.05.12
Daiwa is the second largest brokerage firm in Japan after Nomura.
An external spokesperson for Daiwa did not respond to emailed queries till the time of going to press.
The job cuts are likely to affect executives across functions such as research, sales and sales trading in the equities division. The division provides stock broking services to Daiwa's institutional investor clients.
Job cuts may extend to the investment banking division as well, according to one of the people quoted above.
Nomura recently retrenched senior staff at its investment banking unit in India while Credit Suisse has also cut staff at its wealth management division.
Bank of America Corp and HSBC Holdings have announced massive job cuts globally the impact of which is likely to be felt in India as well.
Daiwa started its operations in India in 2006 and has spent large sums of money for the build-out of its investment banking and equities businesses.
The firm hired Alok Vajpeyi, former MD & Vice Chairman of Dawnay Day AV, Senior Head of Equities at Daiwa Capital Markets India, in May this year.
Source: Economic Times