Nomura plans 'some redundancies' in its Australian equities business in line with its global strategy, according to a memo obtained by Bloomberg News.
The changes are part of the firm’s global alignment of its equities and Instinet businesses, according to the memo sent by Australia Chief Executive Officer Hiroyuki Nishikawa.
Nomura said last year that it’s reorganizing its equities division, with execution services outside of Japan to be wrapped into Instinet, the brokerage it acquired in 2006.
Bloomberg News also reports that Jefferies Group said fiscal second-quarter profit fell 34% as trading revenue declined.
Net income for the three months ended May 31 slid to $42m from $63.5m a year earlier, the New York-based firm said in a statement.
Jefferies saw a 'significant slowdown' in fixed-income trading during March and April resulting from uncertainty about the direction of the Federal Reserve’s bond-buying program.