Layoffs Watch '12: Nomura

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The firm has big plans to "rebuild the investment bank from the ground up," starting by canning a few hundred or so employees.

Nomura Holdings is finalising plans to cut hundreds of jobs, mainly in equities and investment banking, in an overhaul aimed at restoring its overseas operations to profitability, people with knowledge of the planning within Japan's largest brokerage said. The cost-cutting will be part of a new strategic blueprint for Nomura being mapped out by Koji Nagai, who took over as CEO this month and has promised to rebuild the investment bank from the "ground up" after an insider trading scandal that forced the resignation of its top two executives. While the size and scope of the streamlining are still being debated, one analyst estimated Nomura could target $750 million in annual cost savings, on top of a nearly completed $1.2 billion cost-cutting drive. The plan will be made public early next month, according to people with knowledge of the matter who declined to be identified ahead of an official announcement.

[Reuters]

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Layoffs Watch '12: Nomura

The company is still in the firing phase of the rebuilding process. Nomura Holdings cut a team of London proprietary traders focused on stocks as Japan’s largest brokerage scales back in Europe, said two people with knowledge of the matter. The group of about five traders was part of Nomura’s Angel Lane Principal Strategies, a unit that makes speculative wagers on markets with capital provided by the Tokyo-based bank, according to the people, who declined to be identified because the job cuts haven’t been announced. The team departing this week was led by Anthony Medina, a volatility trader who used options to bet on fluctuations in the prices of stocks, the people said. The departures are part of Nomura’s plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas following the purchase of Lehman Brothers Holdings Inc.’s European and Asian units in 2008. Nomura Said To Cut Team Of Proprietary Traders Focused On Stocks [Bloomberg]

Layoffs Watch '12: Nomura

Employees are said to be expecting something resembling a massacre tomorrow around 10 or so, depending on when people roll into the office. From the front lines: "Nomura London cuts happening tomorrow starting 10ish. It's going to be a bloodbath."

Layoffs Watch '12: Nomura

London employees are not the only ones being sat down for uncomfortable conversations. "FYI: Heavy cuts at Nomura across banking and equities today in the US as well."