Another firm considering job cuts as profits fall

Axe In Tree Stump

Considering restructuring its investment banking operations in Hong Kong and its fixed-income, currency and commodities division in London.

Daiwa Securities posted a smaller-than-estimated 31% drop in third-quarter profit and said it will buy back shares and consider job cuts overseas.

Bloomberg News reports that net income declined to $223m in the three months ended December 31 as brokerage commissions and trading profit dropped, the brokerage said in a statement on Thursday. That still beat the $180m average estimate of three analysts surveyed by Bloomberg.

Daiwa is considering restructuring its investment banking operations in Hong Kong and its fixed-income, currency and commodities division in London, Chief Financial Officer Mikita Komatsu told reporters in Tokyo after the results showed that losses abroad widened. The company’s shrinking operations overseas may limit fallout from the worldwide market rout, according to analyst Koichi Niwa.

To access the complete Bloomberg News article hit the link below:

Daiwa Weighs Job Cuts Abroad as Third-Quarter Profit Drops

EU Sets Sights on Forcing Firms to Pay Tax in Nations Where Due

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts