Nomura Holdings Inc., Japan’s largest brokerage, plans to shut down its European equity operations as it cuts costs after years of failing to become profitable overseas, a person with knowledge of the matter said.
The Tokyo-based securities firm will shutter equity research, sales, trading and underwriting for European stocks, according to the person, who asked not to be identified discussing private information. Combined with reductions in North America, the move could affect about 1,000 jobs, another person said. Nomura confirmed that it will close certain businesses in Europe and “rationalize” parts of its operations in the Americas. It said it will provide details of the changes when it reports earnings on April 27.
