It's a bad year to work in emerging markets as Nomura lays off traders

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First Deutsche Bank. And now Nomura. 2018 isn't turning out to be a good year to work on an emerging markets desk.

Following the exit of David Ishoo, whom Nomura hired from Goldman Sachs in March 2017 as head of CEEMEA credit sales, we understand that Nomura has now cut the roles of  Waleed Haram and Jallal Koubiati, two long-serving emerging market credit traders who'd been with the bank for eight years and seven years respectively. Nomura declined to comment on the exits. The two men are understood to be at risk and still Nomura employees.

The cuts follow last month's ejection of Fred Jallot, Nomura's global head of credit and asset-backed securities in Europe, the Middle East and Africa, plus various other recently hired credit staff. They also follow cuts to Deutsche Bank's emerging markets credit trading team. 

Revenues in Nomura's fixed income business rose 14% year-on-year in the most recent reported quarter, thanks to what the bank described as improvements in both rates and credit. However, the exits come after Nomura's own credit strategists have warned against a rout in emerging markets bonds as borrowing costs rise and the dollar rallies.

Nomura made a big push into emerging markets in 2016 and 2017. Now it seems to be pruning the team back again. Not everyone's left: Gokhan Buyuksarac, the top trader whom Nomura hired from Goldman last year and who heads the emerging markets trading desk is still in his seat, suggesting recent exits may simply be a culling of pre-existing staff.

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