JAPAN'S NOMURA WILL CUT RISK ASSETS, COSTS FOR WHOLESALE BUSINESS

Nomura Holdings (8604.T) said on Wednesday it would reduce risk weighted assets by up to 6% and make additional cost cuts in its wholesale business as the top Japanese investment bank scrambles to shore up its struggling division.

Nomura's wholesale division, which houses its investment banking and trading businesses, has been the biggest drag for CEO Kentaro Okuda's ambitious long-term profit target as he has faced three years of profit declines since taking the top job in 2020.

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