Report : Nomura Sees Up To $700 Mln Annual Savings On Cuts

(RTTNews) - Nomura Holdings Inc. expects about $600 million to $700 million of annual cost savings from restructuring its European equities business and cutting jobs there and in the Americas, Bloomberg reported citing people familiar with the matter.

Japan's largest securities firm will report details on its savings plan when it releases earnings on Wednesday. Top executives expect the cost cuts to enable Nomura to post a profit from its overseas operations for the current fiscal year, something it last achieved in 2010.

Nomura may post its first quarterly loss in more than four years, the Nikkei newspaper reported.

Nomura may have lost as much as 10 billion yen in the three months ended March, the Nikkei said.