Nomura Holdings, the holding company for Nomura Trust & Banking Co. and Nomura group’s other financial services firms, has dismissed six to seven employees in its India division since September, The Wall Street Journal reports. The layoffs include the firm’s local investment banking head Nipun Goel and the local equity capital markets head.

Goel had been appointed last year. The job cuts covered the firm’s Indian fixed-income business as well as the investment banking and equities operations. The move comes as the lender plans to cut costs by $1.2 billion annually which entails, among other things, a reduction of its workforce by around 400 globally.

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