Nomura Holdings is set to trim down about 5 percent of jobs to cut costs, The Wall Street Journal reports. The termination will be made mainly in Europe and the total cuts will be less than 400 positions worldwide.

The Japanese brokerage, which bought Lehman Brothers’ operations in Europe and Asia three years ago, presently has about 27,000 employees, with some 4,500 in Europe. The Tokyo-based firm also plans to lessen expenses at its wholesale division by approximately $400 million yearly.

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