Now Nomura hired Rajiv Shah, BNP's ex-head of GBP swaps trading

Nomura's hiring band is merrily marching on. Fresh from recruiting Filippo Zorzoli from Barclays as its new head of global markets sales for EMEA, it's added Rajiv Shah, who was last briefly seen at BNP Paribas.

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We reported Shah's exit from BNP in September. He was momentarily the French bank's head of GBP swaps trading after joining from Morgan Stanley, where he'd worked since 2016. The FCA Register shows that Shah's official last day at BNP was October 5th.

Nomura declined to comment, but sources said Shah will be joining the Japanese bank as a sterling rates trader, reporting to Carina Lindberg, the head of GBP rates trading, who joined from NatWest in 2018.

In August, Nomura also hired Kevin Dai, an inflation trader from Morgan Stanley.

Some in the market are looking askance at Shah's arrival as a mere trader at Nomura, given that he ran the business at BNP. He's expected to work closely with Zorzoli who has a reputation for making big bold structured sterling inflation bets and is expected to generate a lot of flow. 

Shah is the latest in a range of hires at Nomura this year. Nat Tyce, the former Barclays trader who joined as head of global markets in 2023, is sharpening up the team. 

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