Nomura Holdings announced on Tuesday it will restructure its business in Europe and the Americas, closing some operations in Europe. The bank will focus on its core business in the Americas, and will announce further details later this month.
People familiar with the matter told Reuters that Japan's biggest brokerage plans to cut between 500-600 jobs, mainly in its European cash equities business, as it tries to stem years of heavy losses racked up in its long-term drive to become a major global industry player,
Some jobs will also go in Nomura's global markets division in the Americas, the people said, and it wasn't immediately clear whether Nomura will shut down its European cash equities operation entirely. The people declined to be identified because they were not authorised to speak to the media.
The retreat signals a heavy blow for Nomura management's international ambitions. The brokerage bought Lehman Brothers equities and investment banking business in Europe and Asia in 2008, at the height of the global financial crisis, as part of a concerted strategy to expand from its domestic stronghold and become a major force in international finance.