Japanese broker Nomura is reported to be cutting hundreds of European roles, including positions in London, amid reports it is withdrawing from European equity operations.
Bloomberg sources said Nomura will shut down equity research, sales, trading and underwriting for European stocks, leading to numerous job cuts.
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Meanwhile, the FT also reported Nomura is planning to shut down its European equity business and shed up to 1,000 jobs in Europe and the US.
This follows a management reshuffle in March, which saw the replacement of its chief operating officer and chief financial officer, as the company reported a 49% drop in net profits from a year earlier in the December quarter.
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Last year Nomura also posted a pretax loss of 9.7bn yen in Europe in the three months to end of June, making it the worst-performing region. It lost 2.4bn yen in the US and had a profit of 14.8bn yen in Asia.
Shares in Nomura jumped on news of the job cuts, moving 7.4% higher in Tokyo yesterday.
