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Nomura Said to Retrench in Equities as Nagai Drops Expansion

  • Pullback in Europe and Americas could lead to 1,000 job cuts
  • Shares rise; Japanese firm last made profit abroad in 2010
Bloomberg business news

Nomura to Close Some Europe Business

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As recently as December, Nomura Holdings Inc. Chief Executive Officer Koji Nagai was making acquisitions and talking about hiring senior bankers in the U.S. Then came a first quarter investment banks will want to forget about.

As markets gyrated and negative interest rates crimped earnings, Nagai was forced to reverse course sharply. Nomura, Japan’s largest securities firm, is largely exiting European equity operations, a move that combined with reductions in North America could affect about 1,000 jobs, people with knowledge of the matter said on Tuesday.