Job cuts are coming at Nomura, and while staff are expecting a brutal announcement, they still may be in for a shock.

An insider at the Tokyo-based firm says senior managers have been discussing a Bloomberg report last week about the bank’s plan to axe 100 or so positions across Europe and the US. The insider tells Business Insider that they are speculating that the number is either too conservative or will hit higher ranks more than expected.

Transparency from top brass about previous job cut announcements, and their lack of clarity now, is causing some to guess that senior positions will be affected, or there might be a reorganization of some units, an insider told us.

Referring to senior discussions of the 100 cuts,

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