Nomura Holdings is reshuffling its Asia investment-banking team and cutting jobs in an effort to reduce costs amid a deals slump in China and Hong Kong.

Patrick Kwan, head of investment banking for Asia excluding Japan, is leaving the firm after more than two years in the role, according to an internal memo confirmed by a company spokesperson. He¡¯ll be replaced by Jwalant Nanavati, who will remain head of the Southeast Asian business.

The management change coincides with a new round of job cuts involving about 10 bankers this week, people familiar with the matter said, asking not to be identified discussing a private matter. The departures include managing directors Johnson Chui, equity capital market head for Asia ex-Japan, and Marcella Chan, head of corporate finance for Asia ex-Japan.

A Nomura representative declined to comment on the job cuts.

Global banks and investment houses including Morgan Stanley, Goldman Sachs Group and JPMorgan Chase & Co. have all made rounds of job cuts in Hong Kong and China over the past two years as Asia¡¯s long-time growth engine sputters amid geopolitical tension and tightening Communist Party control of the economy.

Among other moves at Nomura, Andrew Macgonigal will co-head the region¡¯s investment-banking business with Akihiro Koseki. Macgonigal will keep his role as Australia¡¯s chief executive officer and investment-banking head, the memo showed.

The role changes will be effective as of Wednesday.

Nomura unveiled plans in May to almost double profit by the end of the decade, in part by making its key wholesale division finance its own operations. The Japanese brokerage last year saw its annual profit rise for the first time since Kentaro Okuda took over as CEO in 2020.

Costs remain elevated at the wholesale business, prompting the company to look for growth in other areas such as trust banking and investment management.