Japanese Bank Set to Close Overseas Units

Nomura

Nomura

Following a strategic assessment of its international operations, Nomura Holdings has announced several changes to its wholesale businesses in Europe, the Middle East, Africa and the Americas. 

The Tokyo headquartered bank plans to shed up to 600 jobs, mainly in its European cash equities business, as it tries to stem losses incurred in its long-term drive to become a major global industry player. It is expected that some roles will also go in Nomura's global markets division in the Americas.

Nomura said the decision had been taken as since the second half of last year, global markets have experienced extreme volatility and a significant decline in liquidity, triggered by heightened uncertainty in the global economy.

Nomura’s Asia Pacific platform will not be affected by the changes.

Asian Wealth Push

«This exercise will deliver significant efficiencies and cost savings for Nomura, refocusing the firm’s activities and reallocating resources towards its areas of expertise and most profitable business lines,» said Tetsu Ozaki, Nomura Group Chief Operating Office (COO).

Following the creation of a wealth management division in mid-2014 to combine the firm’s platforms in Japan and Asia, Nomura hired Amanda Chen from Morgan Stanley Private Wealth Management in Singapore to build and further grow its wealth business in Asia.

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