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Japan's Nomura to reduce risk assets for wholesale business

FILE PHOTO: Nomura reassesses mainland China business plan as losses mount

TOKYO (Reuters) - Nomura Holdings said on Wednesday it would reduce risk weighted assets by up to 6% for its struggling wholesale business as the top Japanese investment bank scrambles to shore up its capital efficiency.

Nomura plans to allocate resources within the group by adjusting the amount of positions in overseas macro products and shifting resources to Japan-related business, CEO Kentaro Okuda told investors on Wednesday.

The Japanese bank also plans for an additional $100 million in cost cuts for the wholesale division, reducing total costs to around $5.1 billion by the year ending March 2025, Okuda said.

(Reporting by Makiko Yamazaki; Editing by Simon Cameron-Moore)

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