Hundreds Of Jobs Face Axe In Nomura Cuts

Japanese investment bank Nomura is taking the axe to its global business in a move which is expected to see hundreds of jobs go in the UK.

It (Other OTC: ITGL - news) is thought that cuts to the bank's Europe, Middle East and Africa (EMEA) business will see 500 posts slashed, the bulk of them in London - though the bank has not officially disclosed numbers.

Nomura, which bought part of the collapsed Lehman Brothers business in the financial crisis, said it would "close certain businesses" in the EMEA region and also "rationalise" unspecified operations in the Americas.

Full details will be published on 27 April.

The bank said in a statement that the plan followed a "strategic assessment" of its international operations, citing "extreme volatility", triggered by "heightened uncertainty in the global economy".

Nomura has taken billions in losses on overseas operations in recent years.

The cuts are expected to see the bank take the axe to its EMEA equities business.

They are being seen as a partial retreat after it bought Lehman Brothers equities and investment banking business in Europe and Asia in 2008 in a bid to become a major international finance player.

Nomura's overseas business is expected to report a sixth annual pre-tax loss for the year ending in March. Shares (Berlin: DI6.BE - news) closed up 7% in Tokyo, having hit nearly three-year lows last week.

The bank has 3,500 EMEA employees including 2,800 in the UK.