Asia escapes worst of $1 billion Nomura cuts

Koji Nagai, who has been Nomura’s chief executive since July 26, gave investors more details yesterday about how he plans to steer the bank back to profitability.

The main point of interest was the $1 billion of cuts to the investment banking business, first announced last week. Speaking at an investor presentation in Tokyo yesterday, Nagai and chief operating officer Atsushi Yoshikawa revealed that two-thirds of those savings will come from outside Asia. Within the region, the cuts will be split evenly between Japan and the rest of Asia.

The bank said that it would complete the cost reductions by around March 2014, as part...