[ by Melanie Gretchen ] Nomura Holdings is unveiling a new strategy by Koji Nagai, who took over as CEO this month with a promise to rebuild the investment bank from the "ground up."  In an attempt to restore overseas operations to profitability, the firm will cut hundreds of jobs, mainly in equities and investment banking, people with knowledge of the planning within Japan's largest brokerage said. Following the resignation of its top 2 executives in the wake of an insider trading scandal, Nomura's change could add up to $750 million in annual cost savings, in addition to a nearly completed $1.2 billion cost-cutting drive. On the Chopping Block

• Cash equities: a business hit hard by the industry-wide slump in trading volumes but one that Nomura, which ranks among the top players in London, has trumpeted as a strength.
• Investment banking positions outside a set of sectors identified as strategic are also at the front of the line for cuts, the sources said.
• Europe will endure the bulk of the cuts.  The region, which employs around 4,000 people, generated ¥76 billion, or $970 million, in losses over the past year during the region's ongoing debut crisis, will account for the largest portion of the cuts.
• Asia outside Japan and the Americas

Post-Lehman. Mr. Nagai and new COO Atsushi Yoshikawa are quick to point out that the company has no plans to relinquish its global holdings.  In 2008, the firm acquired the European and Asian operations of Lehman Brothers in 2008 and built out its operations in the United States on its own.  Nevertheless, that global presence has limits.

"It's been three years since we took on the people from Lehman and we can't just continue piggybacking on the domestic business.  We've been making incremental cuts while keeping the same overall strategy, and that has not been enough." -- Mr. Yoshikawa, in a conference call with analysts on July 26.

Going Forward. The final plan will be made public early next month, according to people with knowledge of the matter who declined to be identified ahead of an official announcement.  Current employees should begin updating their resumes. For further details, go to [CNBC, 8/26/12].