Nomura cutting 1K jobs overseas

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TOKYO: Japanese investment bank Nomura is slashing about 1,000 jobs as it overhauls its European and US divisions amid a global equity market slump, a report said on Tuesday.

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The company confirmed it was axing jobs in both regions and “closing certain businesses” in Europe, but declined to supply more details.

Its Tokyo-listed stock shot up 7.42 percent to close at 481.5 yen on Tuesday after Japan’s leading Nikkei business daily reported the Nomura cuts.

The reduction will cover a range of jobs, including analysts, stock traders and administrative staff, the Nikkei said.

Nomura has about 28,700 employees globally, with about 3,500 in Europe and nearly 2,500 in the US.

It has gone through a series of expansions and contractions outside of Japan over the years as it tried — and failed — to turn a profit overseas.

It bought bankrupt Lehman Brothers’ European and Asian operations in 2008, only to pare them back later after costs and losses swelled.

Global investment banks have been cutting thousands of jobs as wild volatility on the world’s equity markets since the start of the year dent trading.

AFP

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