Nomura Holdings Inc. is cutting roughly 20 staffers following a review of the firm’s markets and investment banking businesses.

Jordan Rochester, a foreign-exchange strategist who became known as “Mr. Brexit” following the UK’s 2016 vote to leave the European Union, is among those leaving the firm, according to the people familiar with the matter, who asked not be named discussing personnel information.

A spokesman for Nomura declined to comment. Rochester, who had been with the bank for 10 years, didn’t immediately respond to requests for comment.

Wall Street’s biggest banks have been contending with a slowdown in trading activity compared to a year ago, when Russia’s invasion of Ukraine juiced volatility across markets. Corporate chiefs also remain hesitant to do deals as central banks around the world continue to aggressively hike interest rates.

The job cuts are part of an effort to trim costs amid those quieter markets, according to the people familiar with the matter. The company is eliminating certain roles and redistributing workloads, though the company won’t dismantle any desks entirely, the people said.

Despite the impending cuts, Nomura has been investing in the trading division as part of efforts to boost profitability. Japan’s largest brokerage recently hired five traders as part of a push to revive its emerging-market flow-credit desk, and the firm has hired more than 30 executive directors or managing directors for its equities franchise globally so far this year as it seeks to make a comeback in corporate equity derivatives and Delta One products.

--With assistance from Donal Griffin.