Japan’s largest brokerage Nomura plans to shrink its European equity operations and cut jobs in the Americas.

The Tokyo-based securities firm, which has struggled for years with its profitability overseas, said it will be taking “decisive action” in response to recent market volatility.

A full strategic plan outlining the cuts will be presented later this month, along with the firm’s full year results, but it is expected that the bank will wind down equity research, sales, trading and underwriting for European stocks.

Jobs in the Americas could also be affected, according to sources. 

The firm had over 3,400 employees in Europe and 2,500 in the Americas at the end of last year.

“We are taking decisive action to refine the services we offer to our clients, while continuing to leverage our dominance and unique strengths in Asia,” said Tetsu Ozaki, Nomura 's chief operating officer.

“This exercise will deliver significant efficiencies and cost savings for Nomura, refocusing the firm’s activities and reallocating resources towards its areas of expertise and most profitable business lines.”

It comes as global investment banks have been scaling back their businesses as market volatility eats into revenues.

Banks such as Credit Suisse and Barclays have cut jobs and either shut or sold non-core business units in recent years.