Nomura to shut European equities business

Boardroom-Business-Chair-Executive-Corporate-700x450.jpgNomura plans to shut its European equity operations in a cost cutting move that could see 1,000 jobs affected across the US and Europe, reports state.

The Japanese brokerage business plans to shut its equity research, sales, trading and underwriting business in Europe, as well as cutting jobs in the US, Bloomberg reports.

Nomura employs 3,433 staff in Europe and 2,501 in the US, with sources saying it could cut around 20 per cent of its workforce in the US.

Shares in Nomura have dropped this year, but rallied after reports of the cuts emerged. The share price rose 7.4 per cent to the end of the day’s trading in Tokyo, taking losses for the year to 29 per cent.

Nomura declined to comment on the restructuring.