Nomura Holdings Inc. has cut dozens of jobs at its U.S. investment bank, people with knowledge of the matter said, joining several rivals that are starting to retrench as the coronavirus pandemic eats into revenue.

The firm notified some workers on Tuesday, according to the sources, who asked not be identified because the headcount reduction isn’t yet being made public. Less than 10 percent of the investment-banking staff in the U.S. are affected, they said.

The cuts are among the first under new Chief Executive Officer Kentaro Okuda, who, since taking the reins in April, has said that an existing ¥140 billion ($1.3 billion) restructuring program under his predecessor is no longer enough. Japan’s biggest brokerage has struggled to sustain profits abroad, and the task is getting harder now that the outbreak is hammering the global economy.