Nomura to deepen cost cuts as CEO seeks to keep ship afloat

Nagai: ‘The waterline on a warship will rise a cm each year if the crew brings excess baggage. Before you know it, the ship will sink.’ – Reuters

THE code name chosen for Nomura Holdings Inc’s latest cost-cutting drive indicates how strongly its chief executive sees the need for savings at Japan’s largest brokerage.

After slashing hundreds of overseas jobs since April, CEO Koji Nagai has unveiled his so-called “Waterline Project”, which will attempt to combat waste and improve the cost-effectiveness of the bank’s daily operations over the next three years.