Japan's Nomura says will cut $1.25b in costs
TOKYO (AFP) - Nomura Holdings said on Thursday it would cut US$1 billion (S$1.25 billion) in costs, as part of a bid to repair its balance sheet as Japan's biggest brokerage recovers from an embarrassing insider trading scandal.
The firm said it planned to usher in the sweeping cuts by March 2014 across its global operations with about 45 per cent of the reductions coming from its operations in Europe, the Middle East and Africa.
In an investor presentation released on Thursday, the company did not reveal specifics of the cuts, including any job losses, but said it planned to "transform" its information technology expenses as it "improves business efficiencies, and rationalise (the) management structure".
In July, Nomura said profit in its fiscal first-quarter to June shrank almost 90 per cent owing to weakness in its retail and wholesale trading business.