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Nomura’s $1 Billion Turnaround Plan Starts With Wave of Job Cuts

  • CEO Nagai vows to ‘restart’ Japan’s biggest securities firm
  • About 150 positions being shed in Europe and U.S., people say
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Bob Doll of Nuveen Asset Management and Bloomberg’s Peggy Collins discuss Nomura’s cost-cutting plan.Daybreak: Americas." (Source: Bloomberg)
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Nomura Holdings Inc. is embarking on yet another sweeping overhaul of its international business, as it cuts $1 billion of costs and fires dozens of employees in its struggling global trading operations.

Japan’s largest securities firm will cull about 150 jobs across the Americas and Europe, the Middle East and Africa on top of reductions in Hong Kong and Singapore as part of the overhaul, people with knowledge of the matter said. Nomura executives told investors they intend to shrink the bank’s presence in dicier trading businesses overseas in favor of “risk-light” transactions for clients.