Job cuts mount up as Nomura bank axes 1,000 roles in capital

Japanese bank Nomura is to cut 1,000 jobs in London.

The financial services group bought parts of the failed US bank Lehman Brothers earlier this year and has made the decision following an internal review.

“This will ensure that the company remains competitive in the current market conditions, and establishes the right cost base going forward,” the company said in a statement.

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The firm had previously said it expected to save the jobs of a “significant proportion” of the 2,500 Lehman staff in those businesses. Separately, transport firm Stagecoach said it was planning job cuts in support services and administration in response to waves of commuter job losses.

GlaxoSmithKline, the UK’s largest pharmaceutical company is planning to cut 200 jobs at its North East manufacturing site, and credit-check company Experian has revealed that 300 jobs at its operations in the UK and Ireland will be axed.