Nomura Holdings has let go about 10 people in its sales and trading teams as part of the bank’s latest push to trim costs, according to people familiar with the matter.

Those departing include analysts and directors, said the people, who asked not to be named discussing private information. Most of the cuts were in London, one of the people said, adding that three worked in rates and another three in the digital office.

"Nomura regularly reviews its headcount needs taking into consideration market demand and resource management, ensuring an efficient operating model globally,” the bank said.

A year ago, Japan’s biggest brokerage planned to cut about 60 staffers as the firm sought ways to pare expenses across its investment bank.

The global markets team, which generates nearly half of Nomura’s overall revenue, has been a key growth driver for Nomura recently. The division has reported four straight quarters of double-digit growth as stock and fixed-income traders both improved their performance.

Chris Willcox, who leads wholesale banking, has been seeking to control business costs. Last year, the firm said the division has to finance its own operations as it shifts resources to areas where it wants to grow. Nomura releases results for its fiscal third quarter next week.

There’s been a steady flow of personnel changes in the bank’s senior trading ranks in recent years.

One example is in the currency options business, which Nomura is looking to rebuild after a wave of staff exited the division in London and New York. At least eight traders have left the team or gone on leave in the past year, leaving just a handful still trading across the two cities.