TOKYO (AP) _ Nikko Securities Co., one of Japan's leading brokerages, plans to cut costs by consolidating the company's departments from 34 to 22, a company spokesman said Thursday.

The restructuring, which will occur over the next week, won't involve any lay offs or cuts in Nikko's overall work force, the company said.

The plan, approved Thursday by Nikko's board, is aimed at restoring profitability to the firm, which, like other Japanese brokerages, has been hurt in recent months by low trading volumes on Japan's markets.

Employees in certain administrative divisions to be eliminated will be transferred to sales operations, including bond and investment trust sections, Nikko said.