Europe-based bankers at Nomura will today discover whether they will be kept on at the Japanese bank, which earlier this month outlined $1bn in cost-cutting measures aimed at refocusing its business on its core markets.

The bank is set to inform staff today whether they will be part of a new streamlined investment banking division in Europe, according to three sources familiar with the situation. Cuts will likely be made in Normura's technology, media, telecoms, healthcare and Middle East teams.