By Anton Bridge

TOKYO (Reuters) – Japan’s largest securities agency Nomura Holdings (NYSE:) has room to chop prices by an extra 28 billion yen ($187 million) within the short- to medium-term, Chief Government Officer Kentaro Okuda advised an investor summit on Tuesday.

The efforts mark the newest in Nomura’s multi-year technique to cuts prices, drive up return-on-equity and concentrate on secure, high-profit enterprise traces that has seen it publish six consecutive quarters of internet revenue development to the top of September this yr.

The measures come on high of Nomura’s present plan to chop 62 billion yen ($414 million) of prices within the short- and medium-term, which embody optimising info know-how throughout the group, offshoring sure features and reviewing workplace places.

Okuda additionally mentioned Nomura was making regular progress in direction of its goal of reaching constant return-on-equity of between 8% and 10% set final Might, for example by rising its risk-light companies, which embody underwriting and advisory providers.

Core to this technique is Nomura’s international wealth administration enterprise, which has grown property below administration threefold over the previous 4 years.

The unit affords brokerage, asset administration and mortgage merchandise and has developed know-how on a par with international requirements which Nomura now plans to make use of in its Japanese wealth administration arm, Okuda mentioned.

Earlier than his presentation, Okuda apologised for the touble attributable to a former Nomura worker who was final month charged for a number of crimes together with tried homicide and theft.

Earlier this yr, a bond buying and selling market manipulation case noticed Nomura hit with a 21.8 million yen high quality from Japan’s banking regulator and briefly lose its standing as a main vendor of presidency bonds.

($1 = 149.9200 yen)