Nomura Holdings has outlined a cost-cutting strategy set to put hundreds of jobs at risk across Europe and the US, following its first quarterly loss since 2011.
The Japanese bank plans to combine its global markets and investment banking division in Europe to “control costs”, and “refine” its wholesale offerings in Europe and the US.
Tetsu Ozaki, chief operating officer at Nomura told reporters that Europe, the Middle East and Africa will suffer 70% of the job cuts, and the rest would be seen in the US.
Earlier this month, Nomura cut up to 1,000 jobs in the US and Europe, within its equity research, underwriting and derivatives business units.
The bank suffered its first quarterly loss since 2011 this week, after revenues plummeted 36% in its financial year fourth quarter, year on year.
Nomura reported a net loss of 19.2 billion yen ($170 million) in its fourth quarter (ending on 31 March 2016).
Group chief executive officer, Koji Nagai, said market conditions had deteriorated considerably in the fourth quarter, which led to lower revenues across the business.
Nagai said: “Although we reduced costs to deal with the changing market environment, we reported a net loss partly due to a decrease in the value of investments on the back of a decline in stock prices.”
He explained Nomura will “focus our management resources on areas where we have competitive advantage.”