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Nomura hired a New York MD despite its cost constraints

Nomura has a few issues with costs, but this is not dissuading it from shopping for veteran rates salespeople in New York. 

The Japanese bank recruited David Steckl, the former head of rates solutions sales from Credit Agricole's US business as a managing director in New York.

Steckl, who spent nearly five years at Credit Agricole, previously worked everywhere from Credit Suisse to Deutsche Bank and UBS.

When Nomura announced its first quarter results in August, it revealed that costs in its investment bank consumed 99% of revenues and said this wasn't "necessarily satisfactory." No mention was made of the performance of the macro business, which was historically an area of strength under former head of global markets, Steve Ashley.

Steckl isn't Nomura's only macro hire this year. In June it recruited Nat Tyce, the former head of EMEA macro trading at Barclays as its new head of global markets for EMEA. 

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AUTHORSarah Butcher Global Editor

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