The tough times for investment bankers are getting tougher.
Nomura, one of the largest Japanese banks, is set to slash hundreds of jobs as it shuts down its European equities business, which includes sales, research, trading and underwriting, according to Bloomberg News.
Bloomberg said as many as 1,000 jobs are at risk in Europe and the US as the bank, which bought the European and Asian units of Lehman Brothers after its collapse, struggles to stay profitable outside of its home market.
A Nomura spokeswoman didn’t immediately return a voicemail seeking comment.
Shares in Nomura spiked up on the news:
It’s not the first time Nomura has taken an axe to its non-Japan business.
Last month, Bloomberg’s Kiel Porter, Hugh Son, and Takahiko Hyuga reported the firm would lay off about 20% of its staff in North America,
Equities divisions in investment banks have been hit hard by disappointing global economic growth. Banking revenues are down in large part because of a weak initial public offering market.
Credit Suisse last month announced that it was laying off 2,000 people in addition to the 4,000 jobs it had already planned to cut as part of a major reorganization.