Nomura Targets Europe for Almost Half of $1 Billion Savings

Nomura Holdings Inc. aims to derive almost half of its $1 billion savings plan from Europe, where it lost the most money last year, as Japan’s biggest brokerage scales back its global ambitions.

The company will reduce costs by $450 million in Europe and the Middle East, $210 million in the Americas and $340 million in Asia including Japan, Nomura said in a presentation to investors in Tokyo today. About 45 percent of the cuts worldwide will be from trimming jobs, with the rest coming from other operational expenses, it said. The bulk of the job losses will be in investment banking and equities, the company said.