The ghosts of Nomura’s past are coming back to haunt it, writes petesweeneypro
Nomura, Japan’s biggest brokerage and investment bank, on Oct. 29 reported a 95% year-on-year drop in second-quarter profit after booking a 39 billion yen provision against “legacy transactions” in the United States before the 2008 global financial crisis.
Profit for the three months to the end of September came in at just 3.2 billion yen . That compares with 67.6 billion yen in the same period last year.The company plans to repurchase 50 billion yen in shares, equivalent to 2.5% of its outstanding stock.The logo of Nomura Securities is seen at the company's Head Office in Tokyo, Japan, November 28, 2016.
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