Nomura to cut up to 1,000 staff

Japanese securities giant Nomura Holdings Inc is to axe up to 1,000 staff in London adding to a wave of lay-offs in the global financial industry.

The decision to cut as much as 22 per cent of its London staff follows an internal review after the purchase of the Asian, European and Middle Eastern assets of failed Lehman Brothers.

Nomura said: "This will ensure that the company remains competitive in the current market conditions, and establishes the right cost base going forward."

Nomura has joined its global peers, including Citigroup Inc, Goldman Sachs and JPMorgan Chase & Co, which have cut more than 100,000 jobs since September.

Azuma Ohno, a brokerage analyst at Credit Suisse Securities, said: "This is a natural move. Once Nomura bought Lehman, it cannot continue Japanese-style life-time employment. It needs to be flexible in costs to be profitable."

Nomura said this week the purchase of parts of Lehman Brothers would help the Japanese brokerage achieve its profit target despite poor financial market conditions.

The acquisition has increased Nomura's London head count to 4,500.

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