Daiwa to cut European branches, 300 jobs as losses mount
Daiwa Securities Group posted disappointing, although not altogether surprising, results for the first half of the fiscal year at the end of last week. The group lost ¥28.7bn ($368m) in the first half of the year, after a ¥5.3bn loss at the same time last year.
Rising retail and asset management income helped cushion the fall and pushed net operating revenues up. But analysts said they expected poor results from the securities firm: the outlook for brokerages remains bleak.
"Uncertainty across the globe and residual problems in Europe are making it tough work for brokerage
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