'Control these excessively large costs'.
Bloomberg News reports that next year is shaping up to be another tough one for Nomura’s employees in Europe, with more job losses likely as the Japanese securities firm shifts business away from the region to more profitable centers in Asia and the U.S.
Japan’s biggest investment bank needs to cut staff while finding ways to spur revenue in the region, CEO Koji Nagai said. “We have to bolster our top line and control these excessively large costs,’’ he said in an interview in Tokyo.
Nomura has struggled to generate profits in Europe since it bought Lehman Brothers operations in 2008.
In the meantime, Reuters reports that Nomura aims to increase its share of business arranging foreign exchange hedging, acquisition finance and other deal-related services for corporate clients in the United States, Nagai said.
The bank is in the process of re-allocating global resources to shift its growth focus to the Americas, which has the world’s largest pool of investment banking fees. It is trying to build up businesses there without taking on bigger risks.