Japanese bank Nomura is expecting to cut up to 50 jobs across its trading division, with roles in London likely to be affected.
The bank plans to slash staff numbers across Europe, Asia and the Americas, however Europe is expected to be hit hardest.
Nomura has struggled to make money in the region since its acquisition of Lehman Brothers’ European equities and investment banking division in 2008.
The bank’s chief executive officer Koji Nagai warned in December last year that Nomura would shift its focus from Europe to more profitable centres in Asia and the US.
In a presentation for investors he said the bank planned to reduce the capital of London’s global booking hub by $2bn to the “size required for just EMEA business”, and told Bloomberg that the 3,000 strong workforce may be “a little large”.
In 2016 the bank cut hundreds of jobs in London and across the rest of Europe as it closed investment banking departments.
Around 750 jobs were lost across its European equity divisions, and the majority of redundancies were made in London.