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Japan's Nomura to axe 100 London jobs as part of business overhaul

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Japan's Nomura to axe 100 London jobs as part of business overhaul
FILE PHOTO: People walk past a branch of the Nomura financial services group in Tokyo, Japan, April 28, 2016. REUTERS/Thomas Peter/File Photo   -   Copyright  Thomas Peter(Reuters)
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By Abhinav Ramnarayan

LONDON (Reuters) – Japan’s Nomura Holdings is to axe around 100 jobs in London as part of a restructuring of its global business, a source at the bank told Reuters on Thursday.

Nomura said earlier it would cut $1 billion in costs from its wholesale business and shut more than 30 of its 156 domestic retail branches, in its latest attempt to turn around its struggling business.

Japan’s biggest brokerage and investment bank will shed about 100 positions in London, which is the centre for its European business, said the source, who declined to be named.

The news comes at a bad time for London, which is grappling with job losses and transfers to continental Europe as Britain’s financial sector grapples with the fallout from Brexit.

(Reporting by Abhinav Ramnarayan; Editing by Alexander Smith)

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