Japan's biggest investment bank Nomura plans to move away from its focus on market-based trading in the US market to a more client-oriented approach, Reuters reports. The bank will move into areas such as mergers and acquisitions. Nomura chief executive Koji Nagai said: " We're going to build a proper client base in America. We'll completely change our approach." UBS has responded to turbulence in global financial markets by freezing salaries for its investment bankers until at last mid-year, CNBC reports. UBS joins HSBC, which announced last week that it was imposing a hiring and pay freeze as part of a push to cut US$5 billion of costs. UBS's investment banking division reported a 19 per cent fall in earnings in the December quarter. Stricter rules have forced three Indian state-run lenders - Central Bank of India, Dena Bank and Allahabad Bank - to report massive losses this week. The Times of India reports that "unlike the past when banks could hide defaults, new rules mandate that banks set aside funds for potential losses." As a result, at the end of December 2015, the stock of bad loans at Central Bank and Dena Bank stock lifted by at least 49 per cent over the level it was a year ago.