The fears of Nomura's macro salespeople now seem well-founded

2 September 2025

2 minute read

As we reported a few weeks ago, there's been some trepidation at Nomura as salespeople there have fretted about the likely repercussions of the bank's recruitment of Filippo Zorzoli from Barclays.

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It now appears those concerns were entirely rational.

Nomura announced yesterday that Zorzoli will be the new head of global markets sales for EMEA and confirmed that its existing head of sales, Gary Hyman, is indeed being moved into a specially created position called 'Vice-Chair of EMEA Global Markets, actually based in Dubai,' from which he will 'leverage his strong internal and client networks to support Nomura's growth plans in the region.'

Zorzoli comes from Barclays. So does Nat Tyce, Nomura's head of global markets (EMEA) since 2023. Zorzoli is Tyce's man, and together they stand to restructure Nomura's macro business if they feel so inclined.

Of course, they may not want to do so. But Hyman's descent into Dubai after 16 years at Nomura and nearly eight years running sales in London, does not augur well. Nor does the recent exit of Robbie Anderson, another Nomura sales loyalist.

Times are changing. Zorzoli has a reputation as one of the best macro salespeople in the City. Barclays may want to deploy some retention packages as Zorzoli builds his new team.

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