Nomura to close Europe business, cut jobs

By Korea Herald
  • Published : Apr 13, 2016 - 12:36
  • Updated : Apr 13, 2016 - 12:36

Nomura Holdings, Japan’s largest brokerage, said it will close certain businesses in Europe and “nationalize” parts of its operations in the Americas.

Operations in Asia won’t be affected by the changes, the Tokyo-based securities firm said Tuesday in a statement. The firm will release a full strategic plan outlining the changes when it reports earnings on April 27, it said.

Nomura will shutter equity research, sales, trading and underwriting for European stocks, a person with knowledge of the matter said before the announcement, asking not to be identified discussing private information. About 1,000 employees in Europe and the Americas could be affected, another person said.

“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,” the Japanese firm said. “Today’s announcement will position Nomura for sustainable profitability under the new market and regulatory environment.” (Bloomberg)