Nomura plans to shut down its European equity business: source

Tokyo

NOMURA Holdings Inc, Japan's largest brokerage, plans to shut down its European equity operations as it cuts costs after years of failing to become profitable overseas, a person with knowledge of the matter said.

The Tokyo-based securities firm will shutter equity research, sales, trading and underwriting for European stocks, according to the person. An announcement of the move, along with job reductions in the Americas, was likely as early as Tuesday, said the person, asking not to be identified. About 1,000 employees in Europe and the Americas could be affected, another person said.