‘It’s a step in the right direction’.
Nomura is cutting about 60 fixed-income and credit-derivative positions at its global markets operation in London, a person familiar with the situation said on Monday.
CEO Koji Nagai has pledged to post $400m in pretax profit overseas for the year ending March. Japan’s biggest brokerage earned only $21.6m abroad in the first quarter – and lost money in Europe – as fixed-income business slowed amid a drop in liquidity.
‘The move increases the chances that Nomura can reach the profit target’ said Koichi Niwa, a Tokyo-based analyst at SMBC Nikko Securities. ‘It’s a step in the right direction as the company tries to allocate resources appropriately’.
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