Nomura CEO plans to cut $187 million in costs to drive up return-on-equity

From Investing.com: 2024-12-03 01:21:56

Nomura Holdings CEO Kentaro Okuda announced plans to cut costs by an additional 28 billion yen in the short- to medium-term. This is part of a broader strategy to drive up return-on-equity and focus on high-profit business lines, leading to six consecutive quarters of net profit growth. Okuda aims for a consistent return-on-equity of 8-10%. Nomura’s global wealth management unit has tripled assets under management in the past four years, with plans to leverage this success in the Japanese market. However, Nomura faced recent challenges, including a former employee charged with serious crimes and a fine for bond market manipulation.



Read more at Investing.com: Nomura has space to cut a further $187 million in costs, CEO says By Reuters