Bloomberg News

Daiwa Securities Said to Plan Cutting 20% of Jobs in Europe

October 27, 2011

Oct. 28 (Bloomberg) -- Daiwa Securities Group Inc., Japan’s second-largest brokerage, plans to reduce its staff of 900 in Europe by 20 percent, said two people with knowledge of the situation.

Daiwa will announce the reductions at a news conference in Tokyo this afternoon when it reports quarterly earnings, said the people, who declined to be identified as the information isn’t public. The plans were reported by public broadcaster NHK earlier today.

Misato Kinoshita, a Tokyo-based spokeswoman for Daiwa, declined to comment.

--Editors: Russell Ward, James Gunsalus

To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


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