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    Nomura May Cut Japan Jobs After Quarterly Loss


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    Posts : 34
    Join date : 2011-08-10

    Nomura May Cut Japan Jobs After Quarterly Loss

    Post  hurricanemaxi on Wed 02 Nov 2011, 3:15 pm

    Nomura Holdings Inc. (8604), Japan’s largest brokerage, said it will consider eliminating jobs at home as part of a plan to triple cost cuts to $1.2 billion following its first quarterly loss in more than two years.

    While most of the expense reductions will be in Europe, “we’ll also target Japan, focusing on the wholesale business,” Chief Financial Officer Junko Nakagawa told reporters yesterday in Tokyo. The company posted a 46.1 billion yen ($590 million) loss for the three months ended Sept. 30, wider than the 35 billion yen average estimate among analysts surveyed.

    Nakagawa’s remarks indicate Nomura may trim domestic payrolls to revive profit that has eroded since the purchase of Lehman Brothers Holdings Inc.’s Asian and European operations in 2008. Staffing costs will account for about 70 percent of the additional $800 million of curtailed expenses, Deputy President Takumi Shibata said on a conference call yesterday.

    “Nomura has finally begun to reform itself and nothing is sacred,” said Naoki Fujiwara, who helps oversee $6 billion at Shinkin Asset Management Co. in Tokyo. “It’s encouraging to see Nomura is showing a sense of crisis.”

    Nakagawa said Nomura is “examining the appropriate size” for operations given the current environment, adding that about 60 percent of the latest expense reductions will be in Europe. Nomura will trim as many as 400 jobs, mainly in Europe, two people with knowledge of the matter said in September.
    Overseas Losses Swell

    Last quarter’s loss, the first since the three months ended March 2009, was driven by declines in income from trading and investment banking as Europe’s debt crisis and signs of a U.S. slowdown fueled financial-market turmoil worldwide. Pretax loss from overseas operations swelled to 52.4 billion yen, the biggest in at least six quarters.

    Domestic operations have been hampered by three quarters of economic contraction as Japan rebuilds following an earthquake and tsunami that triggered a nuclear disaster. Share sales by Japanese companies declined to 1.5 trillion yen this year, about a third of the amount in the same period of 2010, according to data compiled by Bloomberg.

    “I am personally very disappointed with these results,” Jesse Bhattal, chief executive officer of Nomura’s wholesale division, said in a telephone interview yesterday. “This is as tough an environment as I can remember.”
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      Current date/time is Sat 20 Jan 2018, 4:23 pm