Nomura Holdings Axes 1,000 London Jobs due to Lehman acquisition

Nomura Holdings (NYSE:NMR) the Japanese brokerage firm who brought parts of failed Lehman Brothers back in September is shedding 1,000 staff in London. The news comes as Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Credit Suisse (NYSE:CS) and Goldman Sachs (NYSE:GS) all announce huge job losses amid the spiraling market conditions in the global financial industry.

The 1,000 job losses at Nomura equates to around 22 percent of its London workforce, in a statement on Thursday the Japanese brokerage firm said that the cuts come after a internal review after the purchase of the Middle Eastern, European and Asian assets of Lehman Brothers.

Nomura said that the move comes so that they remain competitive in the current market conditions, and establishes the right cost base going forward.

.Since September the financial banking industry has seen over 100,000 jobs cuts in Nomura global peers such as JPMorgan, Goldman Sachs and Citigroup.

Japans largest brokerage firm said they expect to reach pretax profit target of £3.7 Billion (500 billion yen) for the year ending March 2011.

Source: Reuters