Nomura has made cuts to its European equities division in recent weeks, mainly in equity derivatives, as it refocuses the unit on more profitable areas of activity.

The departures include Nikhil Reddy, Henry McWatters, Paul Keeble, Amar Makhija and Niels Verbeek, according to a person familiar with the situation. They were all London-based traders and sales staff within the bank's equity derivatives unit.