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Nomura seeks to reduce nonpersonnel expenses after job cuts

Japan's Nomura Holdings Inc. has initiated a three-year plan to reduce nonpersonnel expenses after eliminating hundreds of jobs since April, Bloomberg News reported Dec. 29.

The cost-cutting plan, dubbed the Waterline Project, is aimed at improving the cost effectiveness of the company's daily operations, Nomura CEO Koji Nagai told Bloomberg in an interview. The initiative comes after the Japanese company cut about 900 jobs, mainly in Europe and the Americas, since April.

Nomura plans to eliminate more positions overseas by the end of March 2017, Nagai said. The CEO did not provide a number for the planned job cuts.

At the same time, however, the company could hire bankers or acquire a team from its rivals to boost its U.S. advisory and primary businesses "selectively," he added.