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Nomura Denies Bolting U.S. Investment Banking

NEW YORK ( TheStreet) -- Nomura Holdings (NMR - Get Report) is denying rumors that it is shutting down its U.S. investment banking operations, saying that it remains committed to the American franchise.

On Friday, Dealbreaker reported an "unfounded rumor" that said big cuts could be expected by the end of the year.

"Nomura is shutting down all US investment banking activities by the end of the year - 2,000 people are expected to be fired," the cryptic post read.

But a spokesperson said the rumors were unfounded. ""Nomura is committed to its businesses in the Americas," the spokesperson told TheStreet. "At the time of its second quarter results, Nomura announced its intention to reduce its cost run rate by $1.2bn, and we are in the process of executing that plan as quickly as possible. The long term success of the Americas franchise is crucial to the success of Nomura's global strategy and that will not change."

Nomura began an aggressive push into the U.S. following the 2008 meltdown, when its American rivals including Bank of America (BAC - Get Report), Citigroup (C - Get Report) and Goldman Sachs (GS - Get Report) were still reeling from the crisis and laying off workers.

The Japanese bank took over operations of failed Lehman Brothers in Europe and Asia. Barclays (BCS) took over Lehman's U.S. operations but proceeded to lay off thousands of employees, several of whom landed up in Nomura.

Nomura currently has about 2,500 employees in the U.S.

--Written by Shanthi Bharatwaj in New York

>To contact the writer of this article, click here: Shanthi Bharatwaj.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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BCS $10.06 0.00%
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