Since then, we are swiftly implementing the announced cost reductions and we expect to have over 80% completed by the end of March this year. During the third quarter, we started to see some of the effects of the cost reduction program, but we expect the full effect to start contributing to our performance from the next fiscal year. In anticipation of changing market conditions and tighter regulations, we reduced risk assets and enhanced our risk management. We will continue to expand our offering of products and services that add value to our clients while maintaining our robust financial positions and ample liquidity as Asia’s global investment bank.The recent management changes reflect our determination and although they were amicable departures, our intention is to create a flat management organization that allows for simpler communication lines and faster decision making processes while we also streamline our cost structure. While we expect the environment to continue to remain challenging for the time being, our focus is to continue expanding revenues by leveraging our geographic advantage as Asia’s global investment bank and proactively responding to the needs of our global clients.
Nomura Holdings' CEO Discusses F3Q2012 Results - Earnings Call Transcript
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