April 4, 2019 / 6:21 AM / 2 months ago

Japan's Nomura to cut $1 bln costs from wholesale business, shut branches

TOKYO, April 4 (Reuters) - Japan’s Nomura Holdings said on Thursday it would cut $1 billion in costs from its wholesale business over the medium term and shut 30 of 156 domestic retail branches, as it looks to turn around its struggling business.

Nomura had put its wholesale business under review after the segment drove Japan’s biggest brokerage and investment bank to its heaviest quarterly loss in nearly 10 years in the three months to December. (Reporting by Takashi Umekawa; Editing by Himani Sarkar and David Dolan)

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