Nomura to Cut About 100 European Investment Banking Jobs
Nomura Holdings Inc. (8604), Japan’s biggest brokerage, is cutting about 100 investment banking jobs in Europe as its unwinds a four-year-old international expansion, three people with knowledge of the plans said.
The cutbacks are part of a 30 percent reduction in the investment bank’s workforce in the region which began yesterday in areas including mergers and acquisitions, said the people, who asked not to be identified because the details are private. Guy Douglas, co-head of capital markets, acquisition and leverage finance in Europe, is leaving as part of the cutbacks, they said. He didn’t respond to an e-mail or a call to his mobile telephone today.
The reductions are part of a plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The overhaul 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.
Banks in the City and Canary Wharf, London’s two financial districts, are eliminating employees as the sovereign debt crisis hurts trading and leads to a slump in stock and bond offerings. UBS AG (UBSN), Switzerland’s biggest bank, plans to cut about 80 to 90 jobs in its European investment-banking division as part of a global revamp, two people with knowledge of the matter said this week. Most of those cuts will be in London, the people added.
Officials at Nomura declined to comment on the reductions.
Nomura will lose four out of its 12 investment banking jobs in Dubai, a person familiar with the situation said yesterday. The cutbacks include Scott Ferguson, head of investment banking in the Middle East and North Africa region, the person said.
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