Nomura cuts

Japan's Nomura Securities plans to cut its workforce by about 20 per cent to 10,000 in the next five years to streamline operations, according to the Nihon Keizai Shimbun newspaper.

Japan's biggest brokerage house has incurred substantial operating losses in the business year that began on 1 April, the newspaper said yesterday.

Most redundancies will involve female assistant workers. Other measures include a reduction in investment in computer systems to Y4bn a year from Y10bn in the previous year.