UPDATE 1-Japan's Nomura to cut $1 bln costs from wholesale business, shut branches [Reuters (UK)]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
US:NYSE Investor Relations:
nomuraholdings.com/investor
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Source: Reuters
Japan's Nomura to cut $1 billion costs from wholesale business, shut branches | Reuters 2 Min Read TOKYO (Reuters) - Japan’s Nomura Holdings said on Thursday it would cut $1 billion in costs from its wholesale business over the medium term and shut 30 of 156 domestic retail branches, as it looks to turn around its struggling business. Nomura had put its wholesale business under review after the segment drove Japan’s biggest brokerage and investment bank to its heaviest quarterly loss in nearly 10 years in the three months to December. The move highlights the challenges Japan’s biggest brokerage and investment bank faces in transforming its business with the goal of cutting dependence on volatile markets and building up stable revenue flows. For the year ending March, analysts expect the company to post its first annual loss since 2009, Refinitiv data shows. The company had posted its heaviest quarterly loss in nearly 10 years in the three months to December, after which it put its who
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