Hurt by losses in the past few quarters, Nomura Holdings ( NMR - Free Report ) plans to achieve $1 billion costs savings in its Wholesale business. It intends to meet this target through layoffs and branch closures over the "medium term", with 60% of the overhaul completed by the end of next fiscal year (March 2020). The company incurred net loss of $907 million in the nine months ended December 2018 due to which it seeks to shut down at least 30 of its 156 retail brokerage branches across Japan. At its annual investor day held on Apr 4, Nomura stated that its Wholesale business is suffering from lower trading revenues in fixed income and constant corporate expenses, which led to the decline in segment's revenues by 24% in fiscal year ended March 2019. Japan's largest brokerage firm is also planning to trim its international business due to struggles in global trading operations.