Scaling back its ambitions to become a full-service global investment bank, Nomura Holdings Inc. is planning a major cost-cutting drive that will likely land heaviest on its money-losing European operations, people familiar with the matter told the good people at the Wall St Journal.
Executives inside Nomura are debating the plan, with some calling for cutting as much as $1 billion a year while refocusing the bank on profitable businesses in the U.S., Japan and the rest of Asia. Others argue that the firm, Japan's biggest brokerage, will miss out on any rebound in the markets if it cuts too deeply.
"Nomura cannot be everything to everybody, but ...
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