Nomura will speed up structural reforms, incoming CEO Okuda says

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TOKYO (Reuters) – Nomura Holdings Inc (T:) will speed up structural reforms, the incoming chief executive of Japan’s biggest brokerage said on Tuesday, adding there was no guarantee a top player in the financial industry today could stay in that position in future.

“I have a sense of crisis over whether today’s main players in the financial industry can remain so down the road,” co-chief operating officer Kentaro Okuda told a gathering of investors, a day after he was named to succeed CEO Koji Nagai.

Nomura said in April it was seeking to cut costs by more than $1 billion and would close 20% of its domestic retail branches.

Okuda, 56, has worked overseas including as head of Nomura’s U.S. arm and also has years of experience in its investment banking division.

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