Nomura said to be making big cuts right now

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According to one Nomura insider, the bank is in the process of cutting 25% of its 800 UK equities staff, with as many as 50% of people going from some sales and trading desks.

Several members of the bank's 20-person quant research team are also rumoured to be facing closure. And graduate trainees and associates are among those being let go.

"What is also the point of firing this year's grad ( most have only been in the company for two months!!) if the company plans to hire grads for next year?" complains one insider.

Severance packages are allegedly generous at around seven months on average, but Nomura employees are apparently peeved that they weren't given the chance to take voluntary redundancy.

A spokesman for Nomura declined to comment on the redundancies, but said the integration with Lehman's European operations is going well: "We've the combined leadership teams in place, the technology is being integrated, we're back up and trading, and our investment bankers are winning mandates. For example today we just executed a $280m transition trade for a European pension fund. A great achievement considering we have only been back in business for 7 weeks."