Japanese brokerage firm Nomura is planning to cut hundreds of jobs across London and Europe, and blames the state of global markets.
Nomura says “extreme” volatility and a significant decline in liquidity has been triggered by heightened uncertainty in the global economy.
A source close to the matter told Funds Europe that the majority of job losses will occur at the firm’s European headquarters in London, although revised a widely reported figure of 750 job losses down to between 500-600.
Nomura’s European equities divisions will see a large number of job losses, affecting equity research, underwriting and derivatives departments.
Nomura’s key platform in Asia Pacific will not see any reduction in staff numbers.
“This exercise will deliver significant efficiencies and cost savings for Nomura, refocusing the firm’s activities and reallocating resources towards its areas of expertise and most profitable business line,” said Tetsu Ozaki, Nomura Group’s chief operating officer.
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