Japan's Nomura to cut $1 billion costs to revive wholesale business, shut branches

TOKYO - Japan’s Nomura Holdings said on Thursday it would cut $1 billion in costs from its wholesale business and shut more than 30 of 156 domestic retail branches, in its latest strategy overhaul to turn around its struggling business.The wholesale segment has been dragging on the performance of Japan’s biggest brokerage and investment bank, and pushed it to its heaviest quarterly loss in nearly 10 years in the three months to December.

The cost reduction will result in $300-$400 million in revenue gains, with the ultimate target of building a wholesale platform that delivers “consistent” pre-tax income of $1 billion, he said, without giving a timeframe for that goal. The bank said it would “de-emphasize” its whole business in EMEA , while sharpening focus in Asia, excluding Japan, and the Americas where it planned to increase business with corporate clients.

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