LONDON (Reuters) - Japan's Nomura has cut back teams advising on stock market listings and those covering the healthcare industry as it begins to axe about 100 jobs in its European investment banking division, three people familiar with the situation said.
The bank is slashing $1 billion in costs as rocky markets bite, forcing it to pull back after an aggressive overseas expansion in 2008. As part of that, job cuts were widely expected to hit Europe, the Middle East and Africa hard.
About 100 people will leave the region's investment banking division, one of the people said. That department houses teams that advise on mergers and acquisitions in a variety of sectors, on flotations and on bond issues.
Nomura has around 4,000 staff in Europe, the Middle East and Africa (EMEA).
Some jobs have already gone this week, with five people cut in the equity capital markets (ECM) team, and another five in the team advising healthcare companies on corporate finance, the three sources said.
Nomura declined to comment.
Most of the ECM and healthcare bankers who left were junior, two of the sources said.
Senior bankers have also left this week, however. Guy Douglas, Nomura's co-head of capital markets for acquisition and leveraged finance, has gone, Reuters LPC reported earlier on Friday.
The bank is cutting in Dubai too, while regions outside EMEA have not been immune either. Nomura's head of debt capital markets and debt syndicate for Asia, excluding Japan, has left, IFR reported on Friday.
The Japanese bank is expected to target other departments too, such as equities trading, where it is focusing its efforts on one trading platform instead of two.
The cost cuts are Nomura's second big restructuring in a year, and are primarily targeted at its loss-making overseas operations.
The bank has struggled to make its international expansion work ever since it snapped up the Asian and European units of the now defunct Lehman Brothers in 2008, though many rival investment banks are also slashing jobs as weak markets and stalling deals hurt revenues.
(Reporting by Sarah White and Kylie MacLellan; Editing by Tim Dobbyn)
Source: http://news.yahoo.com/nomura-cuts-ecm-m-teams-axe-falls-europe-192705637--finance.html
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