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By Tyler Durden

Back in April, Japan's largest brokerage, Nomura, announced that it was quitting the European equity business. The decision was a cost cutting measure, and was made easier by the fact that the European operation hadn't made a profit since 2010.

Nomura isn't alone, Investment banks across the globe are cutting equity traders as a result of the current trading environment.

The following is what it was like for a group of London traders the day Nomura made the announcement that their services were no longer required, as chronicled by Bloomberg.

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The fact that the division had only made one annual pretax profit since being bought from bankrupt Lehman Brothers Holdings in 2008 created an environment where traders would have to filter out the rumors of impending cuts quite frequently. However on April 11, it wasn't business as usual.

At One Angel Lane, Nomura’s stylish, eco-friendly European headquarters, employees have learned to filter out rumors of impending cuts. The division has only made an annual pretax profit once since it was bought from bankrupt Lehman Brothers Holdings Inc. in October 2008 — a fact so often mentioned one half-expects it to be printed on employees’ business cards.

On April 11, though, the noise was louder than usual. A senior executive had let slip to a colleague at a barbecue that he was dreading the following week because the bank was shutting down equities. By the time media reports of unspecified job cuts in the U.S. and Europe appeared at lunchtime, all semblance of work had ground to a halt. Desk heads asked their managers what was going on. According to one of those doing the asking, they were told there was nothing to worry about.

That changed early the next morning when e-mails went round ordering staff to attend a compulsory meeting. Research analysts and salespeople caught the elevators up to the 11th floor; traders congregated on the third. By 9 a.m., it was official. Everyone was given an “at risk” letter, in which the firm offered to help them find alternative roles over the next 45 days, but they knew it was typically just a formality.

After listening to speeches by senior managers and human resources personnel, everyone was told to gather their belongings, leave key cards at reception, and exit the building. Most made their way to All Bar One and The Folly, the only pubs open in the city of London at that hour, to have a pint, and perhaps even to express a sigh of relief that there was no longer a daily worry about whether or not a job would be there the next morning.

The Folly, a pub operated by Drake and Morgan Bars and Restaurants

They made their way in dribs and drabs. Hundreds of displaced bankers, shuffling up Suffolk Lane to All Bar One and along Upper Thames Street toward the Folly, the only pubs in the City of London open that early on an overcast Tuesday …read more

Source: A Day In The Life Of Several Hundred Laid Off Nomura Traders

    

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Posted June 10th, 2016 in Uncategorized.