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Nomura shedding 1,000 London jobs

4 December 08 07:46 GMT

Japanese financial services group Nomura has announced that it will cut its staff in London by up to 1,000.

It is Nomura's first major job cut announcement after it bought parts of the failed US bank Lehman Brothers.

Nomura said in a statement that the decision followed an internal review after the Lehman purchase.

It acquired the equities and investment banking businesses from Lehman Brothers, which filed for bankruptcy protection in September.

"This will ensure that the company remains competitive in the current market conditions, and establishes the right cost base going forward," Nomura said.

It had said it expected to save the jobs of a "significant proportion" of the 2,500 Lehman staff in those businesses.

Lehman Brothers had an estimated 5,000 workers in the UK.

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