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Smarter robots mean fewer humans for Nomura

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Nomura Holdings, Japan’s biggest brokerage, plans to hire 530 graduates in 2019, the fewest in five years, as it seeks to use robotics and artificial intelligence to cut costs, according to Kenji Yamashita, a Tokyo-based spokesman. Nomura is planning to save about 60 billion yen ($560 million) over the next five years by using digital and cloud technology and reviewing office space, Chief Executive Officer Koji Nagai told investors in November. The securities firm said it has improved its robo-adviser product for individual investors, and announced a tie-up with mobile chat operator Line Corp. to provide online brokerage services. Nomura is also refraining from increasing base salaries for graduates next fiscal year for the first time in five years, Bloomberg reported in February. That’s in contrast with rivals including SMBC Nikko Securities Inc., Mitsubishi UFJ Morgan Stanley Securities Co. and Mizuho Securities Co., which have announced pay rises. [Bloomberg]