Japanese banking giant Nomura has unveiled plans to close certain businesses in EMEA and rationalize operations in Americas.
The move is part of the bank’s strategy to slash costs as revenues are affected by deterioration in foreign operations.
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"Since the second half of last year, global markets have experienced extreme volatility and a significant decline in liquidity, triggered by heightened uncertainty in the global economy," Nomura said in its press statement.
In EMEA, the bank will now focus on areas where it has strong capability to offer to its clients.
Nomura Group COO Tetsu Ozaki said: "We are taking decisive action to refine the services we offer to our clients, while continuing to leverage our dominance and unique strengths in Asia, providing tailored solutions to our clients globally and continuing our 90 year legacy of putting clients at the heart of everything we do.
"This exercise will deliver significant efficiencies and cost savings for Nomura, refocusing the firm’s activities and reallocating resources towards its areas of expertise and most profitable business lines."
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By GlobalDataThe company will present a full strategic plan outlining all changes on 27 April 2016 along with the announcement of its fourth quarter and full year operating results.
