People familiar with the company’s internal memo were quoted by media sources as saying that the number of redundancies has been announced yet and details are awaited.
Nomura Australia chief executive Hiroyuki Nishikawa said, "While there will unfortunately be some redundancies in our Australian equities team, the overall result will be a more efficient business and operating model that is crucial to driving profitability through the product lines and within Australia."
As part of its restructuring strategy of equities business, the Tokyo-based brokerage firm is trimming down the jobs, after acquiring Instinet trading platform in 2006.
Following business integration, Nomura will remain covering over 60% of the Australian equity market by market capitalization, with a focus on stocks accounting.
As part of the job cuts, Nomura Australia equities head Andrew Norman, and Australia equity capital markets head Mark Bartels will step down.
