Nomura reeling in Europe expenses
(12 August 2015 – Japan) Nomura Holdings is expected to cut 60 fixed-income and credit-derivative positions from its global markets operations based in London after it reported a loss in Europe in the year ending March.
Nomura – Japan’s biggest brokerage – posted earnings of ¥2.7 billion (A$29.5 million) overseas for the first quarter and lost money in Europe especially in its fixed-income business, as well as a decrease in liquidity.
The Tokyo-based firm posted a pretax loss of ¥9.7 billion in Europe in the three months ended 31 June, making it the worst-performing region.
It lost ¥2.4 billion in the Americas and had a profit of ¥14.8 billion in Asia.
According to sources quoted by Bloomberg cuts already made include high-yield bond traders and analysts.
Following its result for the year to March, Nomura underwent a restructure of its management in its global market division in April, appointing new heads of Europe and the United States as it loos to boost revenue.
The company appointed Yutaka Nakajima as global markets head for Europe, the Middle East and Africa, while Jonathan Lewis was named chief executive for the region.
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