TOKYO -- Nomura Holdings cut dozens of jobs at its US investment bank, people with knowledge of the matter said, joining several rivals that are starting to retrench as the coronavirus pandemic eats into revenue.
The cuts are among the first under new chief executive officer Kentaro Okuda, who since taking the reins in April has said that an existing 140 billion yen restructuring programme under his predecessor is no longer enough. Japan's biggest brokerage has struggled to sustain profits abroad, and the task is getting harder now that the outbreak is hammering the global economy.
The job cuts are separate from reductions stemming from the closing of the Tokyo-based company's Instinet equity-research division, announced earlier this month. Nomura had 26,629 employees worldwide as of March, including 2,120 in the Americas.Shares of Nomura opened 1.1 per cent lower on Wednesday morning in Tokyo, taking this year's decline to 15 per cent.