Japanese brokerage firm Nomura is planning to cut hundreds of jobs across London and Europe, and blames the state of global markets.
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Nomura will also scale back leveraged financing for buyout deals in the US, shrinking a potentially lucrative business that can also weigh on earnings in volatile markets, the people said.
Overall layoffs at Nomua across Europe and North America could total over a 1,000 employees this quarter.
Nomura said that more details will be announced on 27 April, when the group announces its 2015 full year results.
Nomura has taken billions in losses on overseas operations in recent years.
“In the Americans, Nomura will rationalise certain areas while remaining committed to its core client offerings”.
Nomura, which had 3,433 employees in Europe and 2,501 in the Americas as of December 31, has been considering overhauling its overseas businesses since Chief Executive Officer Koji Nagai in February postponed a goal to earn 50 billion yen (RM1.7 billion) of pretax profit abroad.
Japan’s largest brokerage has struggled to make profits from its overseas businesses and is said to be looking to reduce costs. Mark Williams, Nomura’s Asia ex-Japan head of investment banking, was among those who left.
Nomura Holdings has announced a restructuring of its wholesale business in EMEA and the Americas following extreme volatility in global markets and a big drop in liquidity in the second half of previous year.
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The operations were inherited when it snapped up Lehman Brothers’ London operations after the U.S. bank collapsed in 2008, triggering the global financial meltdown.
