March 09, 2011 / 17:04 IST
Nomura Holdings Inc, Japan's largest brokerage, is restructuring its global commodities and energy-trading businesses, which will lead to some job losses, particularly in the energy segment in Asia, two company sources said on Wednesday.
"Nomura is reshaping the commodities business globally, and this will result in a small number of job losses, particularly in energy trading and in Asia," one of the sources, who declined to be identified, told Reuters.When contacted for comment, an spokesman for the company said: "Nomura continually reviews its cost base to ensure that it is appropriately-sized for market conditions."The sources said the trading personnel were told late Tuesday that the company was downsizing the business, particularly for oil and soft commodities segments, and the affected staff have already been informed.It has an energy trading team of at least four in Asia, including Executive Director Shaun Lim, the head of the desk who was hired over a year ago, a distillates trader, and several support staff."The oil-trading team in Asia made money last year and it is a shock that they are down-sizing the operation," the other source said. "It has more to do with restrategising the bank's business as a whole."Nomura has had a presence in Singapore's oil-trading hub for about 10 years, enhancing its commodities business after it took over Lehman Brothers' unit about three years ago. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
