Tokyo-based investment bank Nomura Holdings on Tuesday announced a larger than anticipated quarterly loss, according to a company statement.

The country’s largest brokerage by revenue posted a $590m net loss in the three-month period ending September. It announced that it is to increase its original $400m cost cutting target to $1.2bn which will lead to job losses and a setback to its overseas expansion plans.

Nomura’s first loss in ten quarters was blamed on unstable market conditions in Europe and the decline in income from trading, investment banking, and business oversees.