Japan's leading securities house, Nomura Securities Co., will downsize its operations in the Americas and Europe by closing offices and eliminating more than 600 jobs, according to sources at Nomura.
The major revamp comes on the heels of a group net loss in the April-September first half exceeding 200 billion yen in fiscal 1998. The jobs, which amount to about 20% of its workforce abroad, mean that Nomura will have less than 4,000 employees by 2000, compared with 4,600 in September.
Nomura hopes to strengthen its securities services in Asia because it expects higher growth from stock markets already established in the region, sources said, adding that Nomura is trying to reduce fixed costs abroad to 100 billion yen in fiscal 2000.
The major securities firm will also apply for a stock brokerage license in Taiwan, the sources said.