Nomura and Citi Make Key Rates Appointments Amidst Restructuring

Nomura has appointed Moritz Westhoff as its new head of US rates in New York, following a seven-year tenure at Bank of America. He will report to global co-heads of rates Nat Tyce and Tetsuya Hiraoka.

Westhoff previously served as head of US and canada linear rates trading at Bank of America. Prior to BofA, he spent eight years at Goldman Sachs as an executive director of US government bond trading.

nomura’s rates business has seen significant changes in the past year-and-a-half,navigating a bond futures manipulation incident in Japan and a mandate to double profits by 2031. Following the bank’s admission of involvement in the market manipulation last October, global head of rates Richard Volpe departed in November. Hiraoka and Tyce assumed Volpe’s responsibilities in April 2025.

The company’s head of flow rates sales, Robbie Anderson, also left the London office in July after five years, with Gary Hyman, co-head of Group of 10 rates sales, taking over the position.

Anderson’s departure follows Olek Gajowniczek, former deputy head of flow rates trading for Europe, the Middle East and Africa (Emea), who left in March of last year for a portfolio manager role at Balyasny. Ali Khan, Nomura’s Emea head of rates options and exotics trading, also joined Balyasny last December.

Together, Nomura bolstered its flow rates trading team with several new hires last year, including Hemish Shah, who joined from Deutsche Bank as head of Emea flow rates, and Stefan Auerweck, who moved from BofA to become co-head of European government bond trading.

recent additions also include London-based Gecili Gecili, who joined in May as head of FX and rates trading for central and eastern Europe, Middle East and Africa, after nine years at barclays.

Citi has named Tom Prickett from JP Morgan as its new head of G10 rates for Emea and the UK, as reported in August. He will report to Deirdre Dunn, the bank’s head of rates. Prickett concluded a 24-year career at JP Morgan, leaving as head of emea rates.

JP Morgan and Bank of America Announce Key Leadership Changes

JP Morgan has announced a series of leadership changes within its structuring teams. Laurent mathoux will move to a new role running JP Morgan’s new integrated rates and foreign exchange structuring team. Mathieu Wiltz, EMEA deputy chief executive officer, will manage Nordics sales until the bank finds a replacement for the role.

Anthony fraind will lead two teams specializing in globally consolidated credit and cross-asset global financing. Sankha Ghosh becomes Asia-Pacific co-head of structuring, and will oversee emerging and local markets globally with London-based Rahul Shah. Still Yamada, based in the New York office, will run a dedicated global corporate structuring team, along with his othre role as co-head of a strategic financial solutions group.

Rounding out the structuring management team are: Dominic Smallwood,head of financial institutions group solutions structuring; Erin Robert,who runs commodities structuring; and sadic Shahzad,chief executive of Mansart Management,JP Morgan’s derivatives-focused asset management business.

Bank of America has promoted Faiz Ahmad and Mike Joo to co-heads of investment banking. Ahmad was previously co-head of global markets, while Joo was head of North America global corporate and investment banking.the bank’s global group heads will report jointly to the pair.

Alex Bettamio and Thomas sheehan, the former investment banking heads, have become chairs of BofA’s global corporate and investment banking division.

General Society has named jerome Niddam as chief executive officer of its Asia-Pacific division. He reports to Anne-Christine Champion and Alexandre Fleury, co-heads of global banking and investor solutions.