Japan’s Nomura axing jobs, bank branches to cut costs by $1-billion GlobeBusiness
Thomas Peter/Reuters
The wholesale segment has been dragging on the performance of Japan’s biggest brokerage and investment bank, pushing it to its heaviest quarterly loss in nearly 10 years in the three months to December.Nomura then put the business, which serves corporations and institutional investors, under review as CEO Koji Nagai focused on reducing reliance on volatile global markets and building up stable revenue flows.
The segment swung to a pre-tax loss of 95.9 billion yen in the third quarter, versus a 14 billion yen profit a year earlier. Nomura will look to maintain all of its existing relationships regardless of the job losses, he added. The bank is a primary dealer for a number of European government bond issuers.
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