Nomura in $1bn cost-cutting move to overhaul business

The bank said it will make cuts to its equities and investment banking units, mainly at its overseas operations.

The firm has struggled since picking up some of Lehman Brothers' units after the latter's collapse and has also been hurt by an insider trading scandal.

This is the second such move by Nomura in less than a year to cut costs.

It had announced a similar plan last year, also aimed at cutting $1bn in costs.

Source & Image : BBC