Nomura Holdings slashed its entertainment budget for executives, people familiar with the matter said, as it stepped up efforts to rein in costs after some tough-going financial quarters.
The firm decided to cut the spending plan by about 30% for the current fiscal year following weak earnings in the first half, said the people, who asked not to be identified because the information is private. The move affects executive officers and senior managing directors, though it’s unclear if managers outside of Japan are also hit, they said.
Like its global peers, Japan’s biggest brokerage is tightening its belt as Chief Executive Officer Kentaro Okuda tries to restore profit growth. Nomura has been reviewing costs at its key retail business following a slump, and recently let go of several senior investment bankers in Asia and Europe amid a sluggish dealmaking environment.