It seems that a lot of restructuring has been taking place at Nomura Holdings Inc, which is considered to be the biggest brokerage of Japan. The company has revealed that it is going to make cuts in its overseas business.
As per the information being revealed by the company, major cuts will be seen in their two parts of businesses. The two businesses, which will see major cuts, are equities and investment banking and a whooping cut of $1 billion will be seen.
Nomura said that they do have made plans on how they are going to make savings. While explaining the same, they were of the view that they are going to make 45% of the desired savings from three regions and those being European, Middle East and Africa region.
Rest of the savings will be made from America, which will cover 21% of the savings, certain parts of Asia excluding Japan will save 18% and at last, Japan will have to save 16%.
It is not the first time when such a plan has been made by Nomura, as it is the second plan in a row and that in a year. "It's critical that we boost profitability without relying on a cyclical recovery in the markets”, said Atsushi Yoshikawa, who is the Chief Operating Officer at Nomura.
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