What's left of Nomura after $1 bn cost cutting in struggling wholesale biz?

Three cheers for Nomura Holdings Inc. At least from its shareholders, not its staff

After three straight quarters of losses, the Japanese investment bank unveiled plans to cut $1 billion in costs from its struggling wholesale business. The measures largely target Europe, though no region, including its home market, is spared completely.

Ever since it bought Lehman Brothers Holdings Inc.’s Asian and European assets more than a decade ago, Nomura’s on-again, off-again attempts to build up overseas have been familiar to investors. But now the direction seems clear: Without these latest cuts, half of which will come from salaries, the brokerage would have kept bleeding red ink. The latest measures will help bring in $300