Maybe Nomura will only make 250 redundancies in London. Further proof that Steve Ashley is ascendant

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If you work at Nomura's beehive-topped office at One Angel Lane and have been feeling concerned about your job security, this morning brings a reprieve.

Bloomberg suggests that $500m of Nomura's $1bn additional cost cuts will come from Europe. However, only $250m of these will come from payroll reductions, with remainder incumbent on 'merging some operations, curtailing rental expenses and reducing investment in information technology.'

Last time Nomura cut $1bn in costs, it focused on headcount and extracted 1,000 people. Wishful thinking suggests that cost reductions of $250m will prompt 250 redundancies.

Who will go, who will stay?

In an entirely separate article Bloomberg says 200 jobs will probably be going in equities at Nomura, of which a mere 12 will be managing director-level positions.

In M&A, which has been under a cloud ever since William Vereker was demoted, it says Nomura will focus on financial services, natural resources, industrial companies and private equity. As Reuters suggested earlier this week, Nomura's 10 man healthcare team therefore looks precarious. So does its TMT team. So do its generalist M&A bankers.

On the other hand, one area of the bank seems supremely safe: the fixed income business. Three people told Bloomberg, that fixed income at Nomura will remain, 'largely intact.'

As we noted in July, Nomura's fixed income business is now run by Steve Ashley, who was recruited from RBS in February 2010. Ashley was promoted to head of global fixed income last January and has recruited numerous former colleagues from RBS and jettisoned various existing people from Nomura. One displaced Nomura employee tells us Ashley has been like a, "steamroller," in his zeal to stamp his authority on the business.

Ashley's importance is underscored by the fact that while other businesses are being pared back, fixed income may even be built up. Nomura's fixed income business is going to be expanding globally, says Bloomberg. Some of this hiring will be external, but people will also be assigned from other businesses. Nomura's zeal for fixed income comes despite the fact that it's threatened with a ratings downgrade which would leave it one notch above junk status and risk alienating counterparties who would then likely refuse to do business with it.

Right now, Nomura doesn't appear to be doing much in the way of hiring in EMEA. A brief perusal of its careers site reveals 29 jobs, all of which are for graduates and interns.