NOMURA Holdings is reducing its China business after losses increased, reflecting setbacks to plans by Japan's biggest brokerage to expand on the mainland, reports Bloomberg.

The firm's Shanghai-based joint venture is reassessing its strategy, according to people familiar with the matter. Goals unveiled four years ago to raise its headcount to 500 and become a fully licensed securities house by the end of 2023 aren't likely to be achieved.

Nomura Orient International Securities has cut jobs and seen a number of departures following a management reshuffle earlier this year, say informed sources.

The venture, which was launched before the Covid scare, has since had to contend with China's slowing economy and a stumbling stock market.