Nomura expected to make up to $700m in cost savings

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Nomura expects about $600m to $700m of annual cost savings from restructuring its European equities business and cutting jobs there and in the Americas, according to people with knowledge of the matter.

Bloomberg News reports that the securities firm will report details on its savings plan when it releases earnings on Wednesday, said the people, who asked not to be identified discussing private information.

Top executives expect the cost cuts to enable Nomura to post a profit from its overseas operations for the current fiscal year, something it last achieved in 2010, the people said.

CEO Koji Nagai is seeking to stem persistent losses overseas by largely closing down the European equities business and cutting jobs in the Americas, according to people with knowledge of the moves. Many large securities firms are having to rely on cost reductions to shore up earnings amid a plunge in trading revenue.

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