Nomura Holdings Inc. (8604) is cutting a third of its investment banking jobs in Dubai as Japan’s largest brokerage seeks to reduce costs by $1 billion, according to a person familiar with the situation.
Nomura is reducing four of 12 positions in Dubai, including Scott Ferguson, head of investment banking in the Middle East and North Africa region, said the person, declining to be identified because the cuts haven’t been publicly announced.
The departures are part of Nomura’s plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas following the purchase of Lehman Brothers Holdings Inc.’s European and Asian units in 2008.
No comments:
Post a Comment