UPDATE 3-Japan's Nomura axeing jobs and bank branches to cut costs by $1 bln [Reuters (UK)]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
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Source: Reuters
Japan's Nomura axeing jobs and bank branches to cut costs by $1 billion | Reuters 4 Min Read TOKYO (Reuters) - Japan’s Nomura Holdings will cut $1 billion 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 center 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 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 $1 billion in costs will be achieved over the “medium term”, with 60 percent completed by the
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