One of SocGen’s top salespeople just went (back) to Nomura
Nomura’s relationship to its equities business is… Interesting. But that doesn’t seem to be stopping senior London salespeople from moving there.
Nomura's latest equities hire in London is Puneet Parakh. Parakh was with French bank SocGen for three years in its equity derivative and cross asset Quantitative Investment Strategies (QIS) sales team before announcing today that he's left for Nomura, where he will be head of QIS sales.
Parakh was at Deutsche Bank before SocGen, and Nomura before that – making his recent move a bit of a homecoming. He left as a VP in his first stint in the equity structuring & QIS team.
Nomura pulled back from European equities in 2016, firing some 400 people in the process, but announced back in July that it would start up it back up again. The rebuild in EMEA is being led by Glenn Fairbairn, a former Deutsche Bank MD. The bank had already hired around 30 new equities people globally by late August.
Leaving SocGen is also a prudent move at this time of year. The looming shadow of new CEO Slawomir Krupa, and his Autumn-due plan to shake up the bank, “cost cutting and assessing trading risks,” makes for hesitant bankers, clearly.
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