Investor Presentaiton
2 Reduction in Wholesale cost base
$1bn reduction in Wholesale cost base versus FY 17/18
■Building flexible cost structures to stay resilient across business and market cycles
Wholesale run-rate cost¹
(billions of USD)
6.0
5.0
4.0
3.0
2.0
20
10
1.0
NOMURA
5.6
Instinet soft-
dollar accounting
change (0.2bn)
Indirect costs
■ Direct costs
$1bn
0.2
-5.1
0.4
4.7
0.3
4.4
0.0
FY17/18
Pay for performance,
actions, etc. (net of
investments, etc.)
Note: Indirect costs include shared and dedicate corporate costs
Cost saves assumes FY18/19 revenue environment continues
Excluding goodwill impairment charge of Y81bn in Q3 FY18/19
Excluding restructuring charges, etc.
1.
2.
3.
FY18/19 1-3Q²
(Annualized)
Saves³
FY 19/20
Run-Rate
(Excl. restructuring costs,
cost increase due to
revenue increase, and
growth investments)
Saves³
3
Sustainable
Run-Rate
(Excl. cost increase due
to revenue increase and
growth investments)
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