Nomura posted a $2.2bn loss in the quarter ended 31st March. The loss, its fifth on the bounce, came in higher than analyst expectations, and was caused by falling brokerage revenues, a drop-off in investment banking fees, increased costs related to last year's Lehman acquisition and investment losses (some Madoff-related).

Bloomberg reports that Nomura is thought to be spending $2bn to absorb the 8,000 European and Asian employees it transitioned from Lehman, and the new agency quotes Tatsuo Majima, an analyst at Tokai Tokyo Financial, who said: 'Nomura needs to eliminate the same number of people it hires from Lehman in order to turn the company around'. The firm has denied reports, however, that it is offering hundreds of London-based employees voluntary severance. Nomura is thought to have already eliminated 1,100 UK jobs.

In the meantime, The Wall Street Journal reports that, according to an unnamed 'person familiar with the situation', UBS is to lay-off over 500 US brokers who bring in less than $250,000 in annual commissions. The bank is thought likely to axe up to 2,000 US brokers overall in its latest round of cost-cutting.

And Bloomberg reports that HSBC is to close its stock research and trading units in Japan, with the loss of around 50 jobs. Financial News reports that the firm has also axed 100 private banking jobs in Hong Kong.

The Charlotte Observer reports that Wells Fargo is cutting 150 staff in its investment banking and capital markets unit following its recent acquisition of Wachovia. A bank spokesperson said that the bank 'remains committed to operating a highly-focused investment banking and capital markets business, (but) as a result of the decrease in investment banking volumes across the industry, and an increase in staffing levels due to the merger of two platforms, we have taken actions to align the size of our business with current market demand'.

Financial News also reports that Legg Mason has axed 40 staff (around 12%) in its Baltimore-based corporate division, taking the total of cuts to 418 in the latest round of group headcount reductions.

And Reuters reports that Citi is to wind-down Citi Alternative Distribution Group, the firm's private placement business. Only a small core group of the 50 unit staff are thought likely to be retained.

Finally, Morgan McKinley's London Employment Monitor reveals that there were 10% more job vacancies in financial services in the capital in March (the third monthly uplift in a row), but there were still 57% fewer job opportunities last month than there were in March 2008.

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