Nomura Holdings is finalising plans to cut hundreds of jobs,
mainly in equities and investment banking, in an overhaul aimed at restoring
its overseas operations to profitability, people with knowledge of the planning
within Japan's largest brokerage said.
The cost-cutting will be part of a new strategic blueprint
for Nomura being mapped out by Koji Nagai, who took over as CEO this month and
has promised to rebuild the investment bank from the "ground up"
after an insider trading scandal that forced the resignation of its top two
executives.
While the size and scope of the streamlining are still being
debated, one analyst estimated Nomura could target $750 million in annual cost
savings, on top of a nearly completed $1.2 billion cost-cutting drive. The
biggest cuts are likely to be made in Europe, mainly London, although they are
thought to likely to impact the United States and Asia too….
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