Nomura said set to follow rivals with job cuts

More bad news likely.

Nomura plans to cut jobs in North America, people with knowledge of the matter said, following competitors from Credit Suisse to Deutsche Bank in trimming operations amid a trading slump.

Bloomberg News reports that the people, who asked not to be identified discussing confidential information, didn’t say which divisions would be affected. Kenji Yamashita, a spokesman for Nomura, declined to comment. The brokerage has about 2,500 employees in the Americas, most of whom work in the U.S. and Canada.

Cutting jobs in the U.S. would signal a reversal for Chief Executive Officer Koji Nagai, who said as recently as December that the firm has room to boost hiring in the Americas even after losing money there. 

Nomura has gone through a series of expansions and contractions outside of Japan over the years. It bought bankrupt Lehman Brothers’ European and Asian operations in 2008, only to later pare back operations in the regions after costs and losses swelled following the acquisition.

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

Nomura Said to Prepare North America Job Cuts Amid Trading Slump

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