But if you look at the past two years, the market environment has been even tougher than what we expected. So things are different from what we expected which means we have to bring forward our cost reduction programs. And we are working on our cost reduction of $1.2 billion for the overall firm we have announced this cost reduction. And for wholesale, the cost reduction will be $1 billion. This is what we announced as our cost reduction expectation.As of March end, the progress is 80%, 80, so roughly US$800 million of costs has already been reduced. So we are very sensitively monitoring costs or expenses. But on the other hand, the impact on revenues from the cost reduction is limited. And as shown on the right, we are delayering the organization of our wholesale division, and the media has been taking up this issue quite a lot. But our wholesale CEO, Jasjit Bhattal and also our Ex-Head of Global Markets, Tarun Jotwani, the two gentlemen have left our firm.
Nomura's Management Hosts Investors Day 2012 (Transcript)
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