Published on 6th September 2012
Nomura Holdings, the scandal-hit Japanese investment bank, outlined a broad restructuring plan on Thursday that would pare back its business to a shadow of what it held after acquiring parts of Lehman Brothers in 2008. Most of the $1 billion in cuts, initially announced last week, will be made abroad, and they are driven by a grim outlook for the global economy, Koji Nagai, Nomura’s new chief executive, told analysts and investors at the firm’s headquarters in Tokyo. Taking the brunt of the cutbacks will be Nomura’s operations in Europe, which will account for 45 percent of the cost savings, and the Americas, which will account for 21 percent, the firm said. The New York Times