INTERVIEW: Daiwa Securities Group to Speed Reorganization of Offices

Economy

Tokyo, May 21 (Jiji Press)--Daiwa Securities Group Inc. <8601> will accelerate the reorganization of its domestic network of offices to cut costs and expand profit, President Seiji Nakata has said in an interview.

The major securities house will cut the number of branch offices, which have many members for sales and back office operations, to around 110 from the current 117, Nakata said.

It will also consider increasing the number of sales offices that have a staff of about five and therefore cost less to operate from the current 43 by adding about 30 locations within three years mainly in the metropolitan areas of Tokyo, Osaka and Nagoya, the president said.

As a result, Daiwa Securities Group will have some 180 sales strongholds in Japan, up from the current 160.

Nakata also said the company will set up regional offices where internal management and back office operations will be merged.

[Copyright The Jiji Press, Ltd.]

Jiji Press