As part of cost-cutting measures Japanese financial firm Nomura Holdings plans to reduce its UK staff. The Financial News reported on 5 April that more than 100 frontline roles will be axed in Europe, the Middle East and Africa as Nomura streamlines its European investment banking operations. The move is part of a restructuring intended to reduce costs by $1bn. Those at risk of being downsized have been given 45 days’ notice that their situation may change, and some have been offered positions elsewhere in the firm. Reports are that the majority of the London foreign exchange and rates sales desks will be eliminated.