Nomura Holdings Inc is reshuffling its Asia investment-banking team and cutting jobs in an effort to reduce costs amid a deals slump in China and Hong Kong.

Patrick Kwan, the head of investment banking for Asia excluding Japan, is leaving the firm after more than two years in the role, according to an internal memo confirmed by a company spokesperson. He’ll be replaced by Jwalant Nanavati, who will remain as the head of the Southeast Asian business.

The management change coincides with a new round of job cuts involving about 10 bankers this week, including at least three managing directors, people familiar with the matter said, asking not to be identified discussing a private matter. A Nomura representative declined to comment on the job cuts.

Global banks and investment houses including Morgan Stanley, Goldman Sachs Group Inc and JPMorgan Chase & Co have all made rounds of job cuts in Hong Kong and China over the past two years as Asia’s long-time growth engine sputters amid geopolitical tension and tightening Communist Party control of the economy.

Among other moves at Nomura, Andrew Macgonigal will co-head the region’s investment-banking business with Akihiro Koseki. Macgonigal will keep his role as Australia’s chief executive officer and investment-banking head, the memo showed.

The role changes will be effective as of July 17.

Nomura unveiled plans in May to almost double profit by the end of the decade, in part by making its key wholesale division finance its own operations. The Japanese brokerage last year saw its annual profit rise for the first time since Kentaro Okuda took over as the chief executive officer in 2020.

Costs remain elevated at the wholesale business, prompting the company to look for growth in other areas such as trust banking and investment management.

  - Bloomberg