Nomura flags staff cuts as it trims costs by $1 billion

The new leadership says the aim is to achieve a pre-tax income of $3.2 billion by March 2016 and to position the Japanese bank for sustainable profitability.
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Koji Nagai took over as group CEO of Nomura on August 1 (AFP)</div>
<div style="text-align: left;"> Koji Nagai took over as group CEO of Nomura on August 1 (AFP)</div>

Nomura is planning to cut costs by another $1 billion as part of a three-year plan to equip the firm for new industry challenges and ensure that it will be profitable on a sustainable basis by the time it reaches its 90th anniversary in 2016.

The cost cuts, which were communicated to management at a meeting in Tokyo on Friday morning and relayed to the Japanese media by the head of corporate communications later in the day, will involve both personnel and non-personnel expenses. The equities and investment banking business outside Japan will bear the brunt of the reductions, group CEO Koji Nagai and president and chief operating officer Atsushi...

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