Nomura Said to Cut Third of Dubai Investment Bank Jobs
Nomura Holdings Inc. (8604), Japan’s biggest brokerage, began eliminating about 30 percent of jobs at its European, Middle East and African investment banking division yesterday, according to a person briefed on the plans.
The cuts mostly affect bankers in the advisory and industry coverage areas within the securities unit, the person said, asking not to be identified because the plans haven’t been made public. Officials at Tokyo-based Nomura declined to comment on the reductions, which were reported by CNBC yesterday.
The cutbacks are part of the company’s $1 billion cost reduction target, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas after the purchase of Lehman Brothers Holdings Inc.’s European and Asian units in 2008.
The firm last week cut a team of London proprietary traders focused on stocks, said two people with knowledge of the matter. The group of about five was part of Nomura’s Angel Lane Principal Strategies, a unit that makes wagers on markets with capital provided by the bank, according to the people, who also declined to be identified as the cuts hadn’t been announced.
Nomura will also eliminate four of its 12 investment banking jobs in Dubai, a person with knowledge of the situation said yesterday. The job reductions include Scott Ferguson, head of investment banking in the Middle East and North Africa region, said the person, who asked not to be identified because the cuts haven’t been publicly announced.
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