Nomura's US trading chief Raiff steps down after Archegos loss

[TOKYO] Nomura Holdings' most senior trader at its US unit is stepping down from his role, the latest shakeup at the Japanese bank after it lost almost US$3 billion on trades with Archegos Capital Management.

Jonathan Raiff, deputy head of global markets who oversees trading in the Americas, will focus on other projects, according to people familiar with the matter, who requested anonymity as the details aren't public.

His duties will be assumed by Samir Patel, Gordon Sweely and Richard Volpe, also senior traders at the division, the people said.

Nomura, Japan's biggest brokerage, is reeling after losing the equivalent of about US$2.9 billion on transactions with Archegos, a family office set up to manage the fortune of trader Bill Hwang.

The Tokyo-based lender has already suspended a trio traders and its global head of credit risk has also stepped aside from his role, echoing similar turmoil at Credit Suisse Group, which lost even more.

Mr Raiff and a spokesperson for Nomura in London declined to comment.

Mr Patel helps to oversee the firm's equities business in the US while Mr Sweely is head of structured finance and loan trading at Nomura, according to his LinkedIn profile. Mr Volpe runs linear rates.

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