Nomura Cuts Dubai Banking Jobs in Mideast Coverage Shift

(Bloomberg) —



a large tall tower with a clock on the side of a building: The Nomura Holdings Inc. logo is displayed outside a Nomura Securities Co. branch in Tokyo, Japan.


© Photographer: TORU HANAI
The Nomura Holdings Inc. logo is displayed outside a Nomura Securities Co. branch in Tokyo, Japan.

Nomura Holdings Inc. eliminated about a half dozen investment banking jobs in Dubai, as Japan’s biggest brokerage shrinks its Middle East footprint and moves coverage of the region to staff in other offices.

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The Tokyo-based firm made the cuts in recent weeks, and will now serve Middle Eastern clients from cities where it has bigger operations, such as London, people with knowledge of the matter said. Its asset management and global markets divisions will keep their on-the-ground presence, the people said, asking not to be identified because the information is private.

Nomura has been overhauling its global wholesale business since April last year in a bid to save $1 billion in costs and sustain profitability abroad. New Chief Executive Officer Kentaro Okuda has persisted with those

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