Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Nomura Said to Cut Dubai Foreign Exchange Trader Position

Don't Miss Out —
Follow us on:
Nomura Said to Cut Dubai Foreign Exchange Trader Positions
Nomura Holdings Inc. is seeking to pare costs after it bought Lehman Brothers Holdings Inc.’s European and Asian units in 2008. Photographer: Kiyoshi Ota/Bloomberg

March 19 (Bloomberg) -- Nomura Holdings Inc., Japan’s largest brokerage, eliminated three foreign exchange trading jobs in Dubai as the company 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 this month. John Phizackerley, chief executive officer for Europe, Africa and the Middle East, is also said to have left the bank this month.

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

The company’s shares advanced 1.2 percent to 578 yen in Tokyo trading today, bringing its gain this year to 15 percent.

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

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.