(Bloomberg) -- Kevin Connors, a key figure in the build out of Nomura Holdings Inc.’s foreign exchange and emerging markets trading business in recent years, has left the firm, according to people familiar with the matter.

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Connors was most recently co-head of that business globally after the former Goldman Sachs Group Inc. partner joined Nomura in 2021. The London-based executive’s former co-head — Nagaraj Pangal — will continue in that role, according to a memo to staff seen by Bloomberg.

Connors and a spokesperson for Nomura declined to comment.

In his three years with the company, Connors helped hire more than 20 traders and salespeople in cities including London, Milan, New York and Singapore, according to the people familiar with the matter, who asked not to be named discussing non-public information. His recruits have included traders such as Brent Cook, Jonathan Powell, Ruchir Sharma, Todd Richards, Chirag Garg, Dipak Shah and David Thursfield, though some of them have since left.

“Over the past few years, we have built a leading FX and emerging markets business,” Rig Karkhanis, Nomura’s head of global markets, said in the memo to staff. “With the recent increase in volatility in the markets, I am confident in the further growth.”

The world’s biggest banks have reported gains in fixed income trading revenue in recent months as central banks from Japan to the US diverged on monetary policy paths, triggering volatility across interest rates and the $7.5 trillion-a-day foreign exchange market.

Connors departure comes as Nomura has unveiled plans to almost double profit by March 2031, in part by making its key wholesale division finance its own operations and shifting resources to areas where it wants to grow.

(Updates with information from company memo beginning in second paragraph.)

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