Japan’s financial corporation Nomura Holdings plans to cut its expenses by $1 billion in the 2013-2014 financial year to improve financial results, MarketWatch news portal reported on Friday.
The costs cut is in line with the strategy of Nomura’s new management led by Koji Nagai who suggested cutting back $1 billion for the wholesale business of Japan’s biggest brokerage by March 2014. Nagai replaced previous CEO Kenichi Watanabe in August after an insider-trading scandal in the company about its brokerage branch.
Nomura expects to get pre-tax profit at 250 billion yen ($3.1 billion) in the 2015-2016 financial year as a result of the cost cut.
The company’s net profit plummeted 89.4 percent in the first quarter of the 2012 financial year to 1.9 billion yen ($24 million) compared with the same period in the 2011 financial year.