Yamaichi Securities to Reorganize

Cash-strapped Yamaichi Securities Co., a leading Japanese brokerage, will split its operations and gradually shut its 31 overseas branches and link up with foreign securities firms, according to reports appearing Sunday in the Japanese news media. Kyodo News agency, citing unidentified industry sources, reported that next April, Yamaichi will consist of one part to oversee services for corporate clients, a second to be in charge of services for individual customers, and a third for management. About 2,500 jobs of 5,000 will gradually be eliminated. Yamaichi is one of many financial institutions being investigated in connection with Japan’s racketeering scandal.