Nomura Holdings Inc., the nation'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 Tuesday in Tokyo. The company posted a ¥46.1 billion loss for the three months that ended Sept. 30, wider than the ¥35 billion 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 in curtailed expenses, Deputy President Takumi Shibata said on a conference call Tuesday.