(6 April 2019 – Japan) Nomura Holdings has unveiled plans to cut US$1 billion of costs at its struggling investment bank, starting with job cuts and pulling back from businesses as it embarks on yet another overhaul of its international operations.
Japan’s largest securities firm will cut jobs across the Americas, Europe, the Middle East and Africa on top of reductions already announced in Hong Kong and Singapore.
Nomura executives told investors they intend to shrink the bank’s presence in riskier trading businesses overseas in favour of “risk-light” transactions for clients.
Nomura's operations outside Japan have lost money for four straight quarters, buffeted by its stop-start international expansions as well as headwinds in Europe.
The Bank has said it will “right-size” its wholesale business which is made up of investment banking and global markets divisions.