Nomura Holdings Inc. will eliminate about 5% of jobs in Europe - located in former Lehman Brothers offices that Nomura acquired - in a major cost-cutting measure.  Japan's largest brokerage seeks to reduce costs at its wholesale unit by about $400 million annually. Nomura employs 27,000-4,500 in Europe.  The cuts account for about 400 job globally, mostly concentrated in Europe.  This decision is seen as a sign that market volatility in Europe has spread to affect even Asian markets, which are normally considered a key driver of growth. Global investment banks have been forced to scale back their high profit-margin businesses. Under these conditions, Nomura's overseas revenue isn't increasing and its cost structure is still high.  So although the bank has a dominant presence in its home market and has beefed up operations abroad in a bid to become a major global investment bank, Nomura has seen poor performances at its overseas businesses.  [WS Journal, 9/15/11]