Nomura Holdings Inc. is overhauling its China business after losses there snowballed, reflecting setbacks to plans by Japan’s biggest brokerage to expand on the mainland.

The firm’s Shanghai-based joint venture is reassessing its strategy, according to people familiar with the matter. Goals unveiled four years ago to raise its headcount to 500 and become a fully licensed securities house by the end of 2023 aren’t likely to be achieved, the people said, asking not to be identified because the matter is private. Nomura Orient International Securities Co. has cut jobs and seen a number of departures following a management reshuffle earlier this year, the people added.