Japan’s Nomura cuts investment banking jobs in Dubai

Japan’s Nomura cuts investment banking jobs in Dubai

Tokyo-based brokerage shrinks its Middle East footprint and moves coverage of the region to staff in other offices

Nomura Holdings has cut 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.

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.