Japan’s Nomura axing jobs, bank branches to cut costs by $1-billion [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Japan’s Nomura axing jobs, bank branches to cut costs by $1-billion Japan’s Nomura Holdings will cut $1-billion in costs from its wholesale business and shut more than 3 of 156 domestic retail branches in its latest overhaul, the ailing bank said on Thursday. Nomura also plans to axe about 1 jobs in London – the centre for its European investment banking business – as part of the overhaul, a banking source told Reuters. 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 1 years in the three months to December. Story continues below advertisement 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 $1-billion in costs will be achieved over the “medium term,” with 6 per cent completed by the end of the
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