Nomura slashes eight of nine equity research jobs in Singapore

It has been grappling with overseas and domestic losses for four straight quarters.

Nomura Holdings Inc. has begun axing equity jobs overseas, starting with its equity research operations in singapore, according to a report by Bloomberg.

Eight out of nine employees on the team have been let go, the people said.

The Tokyo-based firm has for years been grappling with how to calibrate its ambitions overseas as a sluggish economy dims prospects at home. Under CEO Koji Nagai, Nomura has been losing money abroad whilst revenue at its mainstay domestic retail business has dropped for four straight quarters.

Nomura plans to cut dozens of trading and investment-banking jobs in Europe and the US, people familiar with the matter said. It aims to cut a fifth of its branches and combine back-office functions, the Nikkei newspaper reported.

The bank plans to close around 20% of its 156 domestic retail branches, the Nikkei newspaper said. It will shut or merge more than 30 outlets mostly in the Tokyo area over the next few years, according to the report.

Read the full story here.