Finance Magnates has learned that Nigel Khakoo was included amongst the latest round of job cuts at Nomura. A source close to the matter said that Khakoo, who was previously Global Head of FX Trading at the , was one of the fifty traders who lost their jobs on Tuesday.

Khakoo changed roles, in a somewhat strange move, to become Global Head of Quantitative analytics in January of this year. He was also responsible for a reshuffling of Nomura’s trading divisions last year. The changes he made saw another trader, Andy Soper, formerly the firm’s Global Head of G10 Options Flow, departing from the firm in the middle of last year.

“A lot of people were shocked to see Andy leave last year,” said a source close to the firm, “it seemed as though there may have been some more underhand tactics at play.”

Finance Magnates‘ source, Paul Lynn has also been ousted from his position as Managing Director of Macro Sales. Lynn was at the firm for just under eight years, having joined in September of 2010 as Head of Hedge Fund Sales for Rates.

Finance Magnates also understands that a senior managing director has been forced out of Nomura. The managing director was responsible for FXO trading in London and will depart along with Khakoo and Lynn.

New personnel, new strategy

The flurry of job cuts in Nomura’s trading divisions comes just weeks after the firm brought in Asa Atwell as its new Head of FX and Emerging Markets. Before joining Nomura, Atwell spent the bulk of his career with in a mix of options and FX trading roles.

Nomura’s actions may be the result of yet another change in strategies. Last month, the company’s Chief Executive Officer, Koji Nagai, told shareholders that Nomura is “in the middle of progressing drastic structural reforms overseas.”

Europe will certainly be in Nagai’s sights. The region has been something of a burden for Nomura over the past few years. Last fiscal year its European operations reported losses of ¥14.7 billion ($133 million).

In 2016, Nomura largely shuttered its European equity trading division. Following this, and in the past year alone, the firm closed a proprietary-trading desk in its London office and confirmed that it had lost approximately ¥14 billion ($128 million) from a margin loan to South African retailer Steinhoff International Holdings NV.