Nomura needs to cut costs by $1bn, and jobs are in line of fire
The wholesale segment has been dragging on the performance of Japan's biggest brokerage and investment bank
Tokyo — Japan's Nomura Holdings will cut $1bn in costs from its wholesale business and shut more than 30 of 156 domestic retail branches in its latest overhaul, the ailing bank said on Thursday. Nomura also plans to axe about 100 jobs in London — the centre for its European investment banking business — as part of the overhaul, a banking source said. The wholesale segment has been dragging on the performance of Japan's biggest brokerage and investment bank, pushing it to its heaviest quarterly loss in nearly 10 years in the three months to December. Nomura then put the business, which serves corporations and institutional investors, under review as CEO Koji Nagai focused on reducing reliance on volatile global markets and building up stable revenue flows. The target of cutting $1bn in costs will be achieved over the "medium term", with 60% completed by the end of the financial year to March 2020, Nomura's joint COO Kentaro Okuda said in an investor day presentation. The cost reducti...
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