People
&Markets
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CREDIT SUISSE has
hired Le Hoai Nam
from Nomura to
become Vietnam
country manager and
head of Vietnam
coverage for
investment banking
and capital markets.
He is a replacement for
Le Hoai Anh, who is
leaving the bank after
18 years. Nam, who
will be based in
Singapore, was
previously head of
Vietnam coverage at
Nomura and also
worked at law firm
Shearman and
Sterling. SUMITOMO
MITSUI BANKING
CORPORATION has
hired India veteran
Rakesh Garg as chief
business officer in
Mumbai. He reports to
Keishi Iwamoto,
SMBC’s country head
for India. Garg will
have responsibility for
SMBC’s India business
strategy acrosscorporate and
institutional banking,
treasury, transaction
banking and
structured and trade
finance. He was most
recently Barclays’ chief
operating officer for
corporate and
investment banking in
Mumbai. Metro Bank finance
chief David MacLean
has stepped down to
take on the CFO role at
British fintech firm
REVOLUT. MacLean
will also help Revolut
prepare to launch in
international markets. The chief executive of
JOHANNESBURG
STOCK EXCHANGE will
retire next month after
eight years in charge.
Nicky Newton-King was
heavily involved in
demutualising and
listing JSE in 2006 and
deals for futures and
bond exchanges in
South Africa.Nomura’s Q1 profit jumps tenfold
NOMURA recorded a more than tenfold surge in
NETûPROlTûFORûITSûlSCALûlRSTûQUARTERûONûAûSTRONGû
performance in wholesale banking, in marked
contrast to last year’s dire performance.
APANSûNUMBERûONEûINVESTMENTûBANKûSAIDû
LASTûWEEKûITSûNETûPROlTûFORûTHEû!PRILnUNEû
QUARTERûWASûcBNû53M ûAGAINSTû
cBNûAûYEARûEARLIER
4HEûBROKERAGEûlRMûRETURNEDûTOûPROlTABILITYû
INûALLûTHREEûOFûITSûREGIONSûOUTSIDEûAPANûnû
%UROPE ûTHEû-IDDLEû%ASTûANDû!FRICAûTHEû
!MERICASûANDû!SIAûEX
APANûnûRECORDINGûAû
COMBINEDûPRE
TAXûPROlTûOFûcBN ûCOMPAREDû
WITHûAûLOSSûOFûcBNûAûYEARûEARLIER
It also reported higher income in all
divisions, aside from retail. It wholesale unit,
whose performance has become a major drag
INûRECENTûQUARTERS ûMADEûAûPRE
TAXûPROlTûOFû
cBNûAGAINSTûLASTûYEARSûcBNûLOSS
.OMURASûûGROUPûPROlTûDROPûINû1ûLASTû
year heralded the start of a torrid year for
THEû*APANESEûBANKû)TûWENTûONûTOûREPORTûITSû
lRSTûANNUALûLOSSûINûAûDECADE ûPRIMARILYûDUEû
TOûSEVERALûONE
OFFûCHARGES
4HEûUNDERPERFORMANCEûOFûTHEû
wholesale division a year ago was
particularly troubling as it was out of
kilter with most other global banks,
which had posted strong trading and
investment banking results.
.OMURASûMANAGEMENTûWILLûlNDûSOLACEûINû
the fact that the situation was reversed this
TIMEûAROUND ûWITHûTHEûBIGûlVEû53ûBANKSûALLû
reporting declines in investment banking
ANDûlXEDûINCOMEûANDûONLYû'OLDMANû3ACHSû
EXCELLINGûINûEQUITIES
In contrast, Nomura reported that revenues
from its global markets division were up more
THANûAûlFTHûTOûcBNûTHANKSûTOûAûûJUMPû
INûlXEDûINCOMEûREVENUESûTOûcBN ûAIDEDûBYû
ITSûSTRONGESTûSHOWINGûINûTHEû!MERICASûINû
REVENUEûTERMSûINûûQUARTERS4HISûWASûPARTLYûOFFSETûBYûAûûDIPûINû
EQUITIESûREVENUESûTOûcBN ûALTHOUGHûTHEû
bank said derivatives had a strong quarter.
)NûINVESTMENTûBANKING ûREVENUESûSLIPPEDûû
TOûcBNûASûFEESûFROMûEQUITYûUNDERWRITINGûINû
particular fell during the quarter.TURNAROUND
In spite of the turnaround, analysts were
cautious about the group’s outlook given the
MAJORûmUCTUATIONSûINûPERFORMANCEûFROMûONEû
QUARTERûTOûTHEûNEXTûTHATûHAVEûOCCURREDûINû
RECENTûYEARS ûPARTICULARLYûOUTSIDEû*APAN
Still, the results provide a strong platform for
EMBATTLEDûCHIEFûEXECUTIVEû+OJIû.AGAIûTOûBUILDû
on, having announced US$1bn worth of cuts in
!PRILûTOûADDRESSûUNDERPERFORMANCEûINûTHEû
WHOLESALEûUNITû4HEûCUTSûEFFECTIVELYûSEEûTHEû
bank shift more to origination and advisory and
FOCUSûLESSûONûmOWûTRADING ûESPECIALLYûINûCREDIT û
EMERGINGûMARKETSûANDûFOREIGNûEXCHANGEûINû
%-%!ûANDûTHEû53
Thomas BlottCLSA starts Australia rebuild
CLSA has begun the task of rebuilding its
DEPLETEDû!USTRALIAûTEAM ûSWOOPINGûINûTOûPICKû
up a number of research analysts that
recently left Deutsche Bank.
4HEûNEWûHIRESûINCLUDEûLee Power, who
JOINEDû#,3!SûRESEARCHûDIVISIONûANDûCOVERSû
industrials. Power spent the past four years at
Deutsche and previously worked at boutique
investment bank Lincoln Crowne and
Company.
*OININGûHIMûISûAnthony Hoo, who is due to
STARTûONû!UGUSTûûANDûCOVERSûBANKINGû(Eû
WASûPREVIOUSLYûVICE
PRESIDENTûFORûEQUITYû
research at Deutsche. He also worked as a
research analyst at Nomura and had a brief
STINTûINû$ELOITTESû-!ûTEAM
Ben Brownette ISûDUEûTOûSTARTûONû!UGUSTûûANDû
will cover industrials. He was with Deutsche for
one year and previously worked at Northern
4RUSTûANDû#OMMONWEALTHû"ANKûOFû!USTRALIA
Owen Johnston ISûDUEûTOûSTARTûWORKûATû#,3!ûONû
3EPTEMBERûû(EûJOINEDû$EUTSCHEûLASTûYEARûASû
head of small cap institutional equity sales,
having spent more than a decade at Macquarie
Group in various sales trading positions.
#,3!ûHASûALSOûHIREDûJames Druce, a property
analyst who most recently worked at UBS
and has also been with Commonwealth
"ANKûOFû!USTRALIAûANDû-ACQUARIEû'ROUPû(Eû
is due to start towards the end of the year.
4HEû(ONGû+ONG
HEADQUARTEREDûBROKERAGEû
lRMûHASûALSOûMADEûOTHERûHIRESûINûSALESûTRADING û
with Marianna Ktenas recently joining from local
OUTlTû-ORGANSû&INANCIALûANDûAnthony Goonan
due to join from Morgan Stanley on October 1.
Other recent hires include Simon Hempel, theCHIEFûOPERATINGûOFlCERûFORû!USTRALIA ûWHOûWASû
most recently with Macquarie, and David Smith,
THEûEX
#"!ûHEADûOFûCOMPLIANCEûINû!USTRALIA
#,3!ûISûLOOKINGûTOûREBUILDû$OWNû5NDERû
after more than two dozen staff left, most of
WHOMûENDEDûUPûATû*EFFERIES ûWHICHûISûTRYINGû
to build out its investment banking team
UNDERûTHEûLEADERSHIPûOFûLONG
TIMEû5"3û
banker Michael Stock.
4HEûDEPARTURESûINCLUDEDûITSûFORMERû
!USTRALIAûCOUNTRYûHEADû!NDREWû.ORMAN ûWHOû
WASûONLYûAPPOINTEDû!USTRALIAû#%/ûINû!PRILû
FOLLOWINGûAûMAJORûRESHUFmEûAFTERûAûNUMBERûOFû
SENIORûEXECUTIVESûQUIT ûINCLUDINGûTHENû#%/û
*ONATHANû3LONEû#,3!ûHASûSINCEûRELOCATEDû
!NGUSû-C'EOCHûFROMû(ONGû+ONGûTOûLEADûTHEû
!USTRALIAûBUSINESSûANDûHEûISûINûTHEûPROCESSûOFû
replacing leavers as well as building out its
investment banking team, a source said.
Thomas Blott