Nomura to cut four Dubai bank jobs

Nomura Holdings will lose four of its 12 investment banking jobs in Dubai as Japan’s largest brokerage seeks to reduce costs by $1 billion, according to a person familiar with the situation.

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Published: Fri 21 Sep 2012, 10:44 PM

Last updated: Tue 7 Apr 2015, 2:51 PM

The job reductions include Scott Ferguson, head of investment banking in the Middle East and North Africa region, said the person, declining to be identified because the cuts haven’t been publicly announced. The departures are part of Nomura’s plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas after the purchase of Lehman Brothers’ European and Asian units in 2008.

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