Nomura ends financial adviser era, to move 1,500 jobs to other roles

Japan’s Nomura will no longer employ financial advisers in its retail division and plans to move more than 1,500 employees to other roles from April as a result, the investment bank and brokerage told Reuters.

A spokesman confirmed the revamp after two sources told Reuters of the plan, which comes amid a turnaround programme announced last year when Nomura suffered its first annual loss in a decade.

Like Nomura's regular sales force, financial advisers sell stocks and bonds to retail investors, but their pay is weighted more towards commission and some high performing advisers can earn more than Nomura branch managers, the sources said.