Key Takeaways
- • Nomura's macro trading division continues experiencing significant talent atrophy, with departures spanning multiple geographic offices including New York, London, and Singapore throughout 2026.
- • Lorenzo Chiesa, a junior FX options trader from Nomura's London desk, joined Citadel to work across FX volatility, relative-value, and macro strategies, representing a concrete defection to a major hedge fund competitor.
- • Sam Green, an executive director on Nomura's London rates options desk, departed in August 2026, marking senior-level turnover in fixed income derivatives operations.
- • Lynn Xie (director-level USD options trader) and Lim Jia Cong (managing director) both exited Nomura's New York macro business with undisclosed next destinations, signaling continued attrition at senior levels.
- • The bank faces concurrent recruitment pressure, simultaneously losing macro talent to hedge funds while actively recruiting traders from rival ANZ, particularly in Singapore.
Summary
Nomura is experiencing a sustained exodus of macro trading talent to hedge funds, with the departures spanning multiple senior and junior roles across its key trading hubs. The Japanese investment bank's macro franchise has faced a series of exits in 2026, with particularly notable activity in Singapore where Nomura has simultaneously been attempting to backfill positions by recruiting traders from competitor ANZ.
The most documented defection involves Lorenzo Chiesa, a junior trader on Nomura's London FX options desk, who has joined Citadel. Chiesa is now working across FX volatility, relative-value, and macro strategies at the hedge fund, according to eFinancial Careers. This represents a clear win for Citadel in attracting emerging talent from a major sell-side macro program.
Additional exits from Nomura's London operations include Sam Green, an executive director on the rates options desk, who departed in August 2026 as documented on the UK Financial Conduct Authority register. In New York, the bank has lost Lynn Xie, a director-level USD options trader, and Lim Jia Cong, a managing director on the same desk, though their subsequent destinations remain undisclosed.
Beyond trading desks, Nomura has also experienced departures from its global markets operations infrastructure, with a senior operations executive moving to the buy side, signaling that the talent migration extends beyond front-office roles. The bank has not publicly commented on the departures or its retention strategy, leaving the competitive dynamics of these exits largely unaddressed from management's perspective.
The most documented defection involves Lorenzo Chiesa, a junior trader on Nomura's London FX options desk, who has joined Citadel. Chiesa is now working across FX volatility, relative-value, and macro strategies at the hedge fund, according to eFinancial Careers. This represents a clear win for Citadel in attracting emerging talent from a major sell-side macro program.
Additional exits from Nomura's London operations include Sam Green, an executive director on the rates options desk, who departed in August 2026 as documented on the UK Financial Conduct Authority register. In New York, the bank has lost Lynn Xie, a director-level USD options trader, and Lim Jia Cong, a managing director on the same desk, though their subsequent destinations remain undisclosed.
Beyond trading desks, Nomura has also experienced departures from its global markets operations infrastructure, with a senior operations executive moving to the buy side, signaling that the talent migration extends beyond front-office roles. The bank has not publicly commented on the departures or its retention strategy, leaving the competitive dynamics of these exits largely unaddressed from management's perspective.
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