Nomura Holdings Inc., which is the largest securities firm in Japan, will be cutting 30 managers from its fixed income division, in an effort to promote growth.
Bloomberg reported that the changes come three months after the appointment of Steve Ashley as global head of the division. Nomura is on a cost-cutting drive, looking for $1.2 billion in cost cuts after its expenses rose dramatically in the wake of its 2008 acquisition of Lehman Brothers Holdings Inc.’s Europe and Asia businesses.
In January Nomura saw the resignations of Jesse Bhattal, former deputy president and chief of wholesale banking, and Tarun Jotwani, who had led the global markets unit prior to its split.