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A projected $1 billion cost reduction plan for the next fiscal year has shares of Nomura Holdings, Inc. (NYSE:NMR) moving up on Friday, according to the Wall Street Journal. This is the first sign of how Japan’s largest brokerage might operate under its new management. The proposed cuts follow another $1 billion in cost reductions in its wholesale division that were implemented earlier in 2012.
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Morgan Stanley Smith Barney (NYSE:MS) might lose a group of top managers, as the employees who oversee tens of billions of dollars are unhappy with technology issues, say sources. Chief Executive Jamie Gorman is said to be aware of the situation and pledges to work on it, even though a company spokesperson says that it’s not known if anyone is set to exit.
JPMorgan Chase & Co. (NYSE:JPM) and Siemens (NYSE:SI) were the top borrowers who sold corporate bonds in August with a total of $237.6 billion of debt by the former, which was more than the $235.3 billion raised in August 2010, according to Bloomberg data. The month of August has seen a record jump in global sales of corporate bonds, as issuers hurried to lock in record-low borrowing rates.
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