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Nomura Said to Cut Foreign Exchange Trader Positions in Dubai

Nomura Holdings Inc. (8604), Japan’s largest brokerage, eliminated three foreign exchange trading jobs in Dubai as the firm seeks to reduce costs by about $1 billion, said a person briefed on the plan.

The traders left the bank last week, the person said, asking not to be identified because the matter hasn’t been made public. A spokeswoman for Nomura in London, who asked not to be named citing corporate policy, declined to comment.

Nomura is seeking to pare costs after it bought Lehman Brothers Holdings Inc.’s European and Asian units in 2008. The bank is overhauling its operations to make all overseas businesses profitable by the year ending March 2015, Chief Executive Officer Koji Nagai said in December.

The cuts come after the bank trimmed staff at a business that allows foreigners to invest in Saudi Arabia’s equities market, a person familiar with the matter said. John Phizackerley, chief executive officer for Europe, Africa and the Middle East, is also said to have left the bank this month.

The stock dropped 2.9 percent in Tokyo trading yesterday, bringing a gain this year to 14 percent.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net; Dale Crofts at dcrofts@bloomberg.net

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