Nomura Loss Brings Underperforming European Business Into Focus
- Retail slump at home fails to make up for more losses abroad
- CFO repeats pledge to bring European arm to ‘appropriate size’
This article is for subscribers only.
Nomura Holdings Inc.’s underperforming European business, which saw wider losses in the fiscal second quarter, may be about to face another reckoning.
Chief Financial Officer Takumi Kitamura told reporters in Tokyo on Wednesday that he intends to bring the European unit to “an appropriate size,” after those operations lost 11.6 billion yen ($102 million) in the three months ended September. Japan’s biggest brokerage posted a rare net loss, as revenue at the retail and wholesale businesses declined from a year earlier.