Arab Today, arab today japan\s nomura eyes 1 bln in cost cuts
Last Updated : GMT 02:18:53
Arab Today, arab today
Arab Today, arab today

Japan\'s Nomura eyes $1 bln in cost cuts

Arab Today, arab today

Arab Today, arab today Japan\'s Nomura eyes $1 bln in cost cuts

Tokyo - AFP

Nomura Holdings said Monday it would cut $1.0 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 cuts by March 2014, chopping expenses from its wholesale division, which includes investment banking, equities and fixed-income businesses. In July, Nomura said its fiscal first quarter profit to June shrank almost 90 percent owing to weakness in its retail and wholesale trading business. Like many investment banks, Nomura has struggled with yo-yoing stock and bond prices, poor merger prospects and tightening regulation in the wake of the global financial crisis. The firm held a meeting with about 450 managers in Tokyo on Friday to outline the plan, which is to be presented to shareholders this week. Nomura shares traded 4.26 percent higher at 269 yen on Monday afternoon. The company confirmed that job cuts were part of the planned reductions, but declined to elaborate. Japanese media have reported that the bulk of the cuts would come from slashing jobs in the money-losing European business acquired from Lehman Brothers in 2008. Nomura began an aggressive expansion drive when it picked up the Lehman businesses -- and thousands of employees -- following the Wall Street giant\'s collapse. However the bulked-up Nomura lost some key executives as a corporate culture clash hit. The resignation last month of chief executive Kenichi Watanabe, a key driver behind the firm\'s expansion, was widely viewed as the end of Nomura\'s ambitions to be a global heavyweight. Watanabe quit in the wake of a damning internal report that said Nomura sales staff improperly tipped off clients about share sales while information often flowed freely between sales and Nomura\'s investment banking and research side, which is usually barred. Insider trading, although illegal in Japan, is widespread and carries only token fines. However, Japanese authorities are carrying out a wide-ranging probe into the practice amid renewed pressure to crack down on lax regulations and legal loopholes, which have dented Japan\'s corporate governance image. Watanabe\'s resignation came several weeks after the former chief of Barclays Bank, Bob Diamond, and its chairman stepped down in the wake of a scandal over the manipulation of key inter-bank lending rates that has rocked the City of London, one of the world\'s top financial hubs.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan\s nomura eyes 1 bln in cost cuts Arab Today, arab today japan\s nomura eyes 1 bln in cost cuts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japan\s nomura eyes 1 bln in cost cuts Arab Today, arab today japan\s nomura eyes 1 bln in cost cuts

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday