Nomura Holdings, Japan’s largest investment bank, plans to revamp its Middle Eastern operations after losing several top executives in the past year, its regional head said.
Nomura has been cutting costs under chief executive Koji Nagai, who took the helm last year in the wake of an insider trading scandal. In August, the company announced plans to chop an additional $1 billion in costs.
Some of its top bankers in Dubai, including the head of its investment banking for Middle East and North Africa (MENA), Scott Ferguson, left as part of the move.
The departures led to rumours in the banking community that the bank was planning to shut down its business in the region.
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