Nomura Holdings is restructuring its China operations following substantial losses, signalling a retreat from its previous expansion ambitions on the mainland. The company’s Shanghai-based joint venture, Nomura Orient International Securities, is revising its strategy and is unlikely to meet its previously set goals of expanding its workforce to 500 and obtaining a full securities licence by the end of 2023. This setback follows a management reshuffle and job cuts within the venture, which has struggled amidst China’s economic slowdown and volatile stock market since its inception just before the pandemic. Nomura’s CEO, Kentaro Okuda, faces additional challenges as the firm has experienced three consecutive years of declining net income.
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