Japan's Nomura Holdings Inc saw about $850 million wiped off its market value on Thursday as its latest earnings slump showed it remains a long way off CEO Kentaro Okuda's goal of finally making the bank a global force in investment banking.
A logo of Nomura Holdings is pictured in Tokyo, Japan, December 1, 2015. REUTERS/Toru Hanai//File Photosaw about $850 million wiped off its market value on Thursday as its latest earnings slump showed it remains a long way off CEO Kentaro Okuda's goal of finally making the bank a global force in investment banking.
The investment bank has had a troubled history of occasional major financial hits at its wholesale division, including afrom the collapse of U.S. investment fund Archegos, which CEO Okuda has been eager to change since he took the helm in 2020. Under Okuda's helm, Nomura's wholesale business unit had initially emerged as a key profit driver, thanks to an overhaul that included $1 billion in cost cuts and scaling back some of its lower growth business in Europe, as well as a favourable market environment.
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