Nomura forced to sack HK staff as prospects dim
Japanese broker lays off 15 analysts, and more are expected to be fired next week, in plans to cut US$1 billion in costs by March next year
The Hong Kong office of Nomura fired almost 30 per cent of its research team yesterday as an uncertain global economic outlook forces the Japanese brokerage to cut costs.
According to people who asked not to be named, Nomura sacked 15 analysts out of a total of about 50. Globally, the company has 720 researchers, according to its website.
The people said more lay-offs were expected next week in Nomura's investment banking department in Hong Kong.
Last week, the company said it would slash US$1 billion in costs by March next year to repair its balance sheet.
Some bankers said Nomura might have to cut at least 1,000 staff globally to meet the cost-saving target.
The latest lay-offs in Hong Kong follow the firing of several equities sales staff in the city last week.
A Nomura spokesman declined to confirm the number of research analysts the bank has in Hong Kong, and would only say the number of jobs affected yesterday is less than 30 per cent.