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Nomura cuts 30 jobs in Asia ex-Japan

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With the start of the new financial year, Nomura Holdings, the financial services provider, has cut 30 jobs in its Asia (excluding Japan) operations.

The job cuts have taken place in the firm’s equities division. A Nomura spokesperson declined to comment.

The Straits Times has reported the layoffs come after a dozen job cuts at Nomura’s Asia investment banking unit last month.

Earlier this week, Nomura Holdings announced several changes to its wholesale businesses in EMEA and the Americas, following an assessment of its international operations.

As part of the changes, Nomura will close certain businesses in EMEA and will focus on areas where it has strong capability. In the Americas, Nomura will rationalise certain areas while keeping its core client offerings.

However, Nomura’s Asia Pacific platform will not be affected by these changes, said the company in a statement.

Tetsu Ozaki, Nomura Group COO, explained: “We are taking decisive action to refine the services we offer to our clients, while continuing to leverage our dominance and unique strengths in Asia, providing tailored solutions to our clients globally and continuing our 90 year legacy of putting clients at the heart of everything we do.”

He noted the exercise is expected to “deliver significant efficiencies and cost savings”, while “refocusing the firm’s activities and reallocating resources towards its areas of expertise and most profitable business lines.”

A full strategic plan outlining all changes will be presented on April 27, 2016 in conjunction with the announcement of the Group’s fourth quarter and full year operating results.

Image: Shutterstock

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