Nomura Holdings Inc. is retreating from U.S. investment-grade corporate credit trading after last year's bout of volatility in fixed-income markets, two people with knowledge of the decision said.
It cut a group last week that was focused on brokering the debt, including Timothy Everitt and Jess Belcher, said the people, who asked not to be named because the move was not publicly announced. The bank still plans to trade some dollar-denominated investment-grade debt, although it will focus more on junk-rated bonds, the people said.
Nomura reported a ¥7 billion pretax loss from operations abroad last quarter, with its fixed-income trading unit suffering from the unexpected drop in interest rates.