Nomura said Thursday about two-thirds of its previously disclosed $1bn in cost cuts would come from Europe and the US and that it plans to transform its business model into an Asia-oriented entity that develops businesses globally.

Trying to regain its footing in Asia and its Japanese home-market following an insider-trading scandal, the move marks a shift for Japan's top brokerage. Nomura's new chief executive, Koji Nagai, said last week the company would cut costs at its wholesale business by March 2014.