January 20, 2015 / 10:01 AM / 5 years ago

UPDATE 1-Japan's Nomura to cut 12 jobs in Asian equities

(Adds details on job cuts, reasons for reshuffle)

HONG KONG, Jan 20 (Reuters) - Nomura Holdings Inc will cut at least 12 jobs in Asian equities as part of a strategic rethink to refocus on sales to clients, as opposed to proprietary trading or other parts of the business, a source with direct knowledge of the matter told Reuters on Tuesday.

Nomura also appointed Daisuke Mototani as its new head of equities for Asia excluding Japan, replacing Yasuhiro Fujiwara who is leaving the firm, the Tokyo-based investment bank said in an internal memo.

A spokesman for Nomura confirmed the contents of the memo but declined to comment on the job cuts.

It is the latest move by a global bank to shrink its Asian equities business, amid increased competition and lower trading volumes that have hit stockbrokers’ profits in recent years.

Standard Chartered Plc said on Jan. 8 it would axe almost its entire equities business as part of a cost-cutting exercise.

Fujiwara joined Nomura from Bank of America Corp in March 2013. His replacement Mototani has been with Nomura for 25 years, the memo said, most recently as deputy head of global markets Asia-Pacific sales.

Mototani’s background as a salesman signals Nomura’s intention to focus more on sales to clients, as opposed to proprietary trading or other parts of the business, said the source with direct knowledge of the changes.

The Nomura memo likewise made reference to Mototani’s experience in dealing with clients as the bank seeks to refocus on serving them. (Reporting By Lawrence White; Editing by Anand Basu)

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