Nomura slashes FX headcount in $1 billion cost-cutting drive

Impact of job losses falls mainly on the emerging markets FX team

Nomura is making cuts aimed at saving $1 billion

Nomura Holdings is slashing the headcount on its foreign exchange sales and trading desks as it embarks on a $1 billion cost-reduction plan for its wholesale business.

The impact of the cuts fall mainly on the emerging markets FX team, where the Japanese bank is scaling back its business while retaining its capabilities in the currencies space. But Nomura also indicated it will “downscale” its G10 FX team. At least nine people in Europe have had their sales or trading positions cut, with

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