Nomura Holdings has scaled back its original focus on China wealth to prioritize an expansion in brokerage and asset management in the world’s second largest economy, according to people with knowledge of the matter.
Nomura Orient International Securities has trimmed staffing by about two-thirds in its China wealth business over the past two years, the people said, asking not to be identified as the matter is confidential.
Nomura is now seeking a new CEO for the securities business as Japan’s biggest brokerage plans to focus on asset management and research, and will invest further in its sales and trading business on the mainland, they said.
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