Nomura’s international biz turns to profit
Nomura’s full year results on Thursday showed the Japanese bank’s international division in fine fettle, recording the highest profits since the bank started splitting out regions in its reporting. The bank was helped by a benign market backdrop in the quarter, and by the culmination of a rapid cost-cutting programme that saw it shutter European equities last year.
Nomura’s businesses outside Japan have been dogged by profitability concerns, but the international operations have now been profitable for four straight quarters. It said there had been “significant improvement in profitability following strategic review of EMEA and Americas businesses”.The firm closed its European equities and EMEA ...
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