Layoffs Watch '16: Nomura

The cuts may start this week.
Author:
Updated:
Original:

To be fair, 18 months of losses will generally result in this sort of thing. If it makes anyone at Nomura expecting to receive the heave-ho feel any better, know this: you're hardly alone! Also, UBS is hiring.

Nomura Holdings Inc. is planning to cut jobs in the Americas and Europe under a broader plan to reduce costs as Japan’s biggest brokerage by revenue faces a slump in its overseas operations, people familiar with the matter said. The cuts, which could happen as early as this week, follow a dismal performance in the bank’s overseas units due to market turmoil. Nomura has posted pretax losses in the Americas for the past six straight quarters...Investment banks around the world are shedding jobs as lurching markets and low interest rates have crimped profitability.

Nomura to Cut Jobs in Americas and Europe [WSJ]

Related

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."