Nomura flags staff cuts as it trims costs by $1 billion

Nomura is planning to cut costs by another $1 billion as part of a three-year plan to equip the firm for new industry challenges and ensure that it will be profitable on a sustainable basis by the time it reaches its 90th anniversary in 2016.

The cost cuts, which were communicated to management at a meeting in Tokyo on Friday morning and relayed to the Japanese media by the head of corporate communications later in the day, will involve both personnel and non-personnel expenses. The equities and investment banking business outside Japan will bear the brunt of the reductions, group CEO Koji Nagai and president and chief operating officer Atsushi...