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.

  • 03 Nov 2011

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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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 31,686.78 147 9.89%
2 HSBC 28,689.30 158 8.96%
3 JPMorgan 28,398.18 123 8.87%
4 Deutsche Bank 18,175.84 65 5.67%
5 Standard Chartered Bank 15,878.92 95 4.96%

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5 Bank of America Merrill Lynch 4,270.90 19 7.79%

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1 JPMorgan 12,475.95 47 12.71%
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3 HSBC 8,280.73 41 8.44%
4 Deutsche Bank 6,905.70 15 7.04%
5 Standard Chartered Bank 5,686.63 26 5.79%

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1 Bank of America Merrill Lynch 929.36 4 8.03%
2 ING 872.17 7 7.53%
3 SG Corporate & Investment Banking 839.92 7 7.25%
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5 UniCredit 793.78 7 6.85%

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1 AXIS Bank 3,917.94 61 15.95%
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5 HDFC Bank 1,552.43 41 6.32%