40 jobs go at Daiwa Europe

Daiwa Europe, the subsidiary of the Japanese securities house, has confirmed that it is laying off over 40 people in an attempt to bring costs back into line with the difficult conditions prevailing in financial markets, writes John Eisenhammer.

The reduction of staff levels by about 10 per cent is the latest in a bout of retrenchment and sacking sweeping the City, as British and international investment houses seek to pare back radically after massive over-expansion in the rampaging bull markets of 1993.

"Daiwa Europe has conducted a thorough review of its operations throughout Europe which has resulted in restructuring within the business and support areas," the company said in statement yesterday.

The restructuring will focus on the core businesses of fixed income and equity markets to improve distribution capability.